GENERAL MEETING DRAFT - Bankier.pl

The lessee acquires the economic benefit of the use of the leased asset for most of its useful life, in
exchange for a commitment to pay an amount approximately equivalent to the fair value of the asset and
related finance costs. Recognition in the lessor’s accounts is as follows:
� in assets, the value of the loan, less the principal of lease payments due and paid by the lessee;
� in profit or loss, interest received.
See Sections 8 – Property, Plant and Equipment and 9 - Intangible Assets below for treatment of the
lessee’s assets.
����������
Loans acquired in factoring transactions with recourse are recognised to the extent of the advances
granted to customers on their consideration. Loans acquired without recourse are recognised as such
once it has been established that there are no contractual clauses that would invalidate the transfer of all
risks and benefits to the factor.
���� ������������
Securities received in a transaction that entails a contractual obligation to sell them at a later date or
delivered under a contractual obligation to repurchase are neither recognised nor derecognised. In
respect of securities purchased under an agreement to resell, the consideration is recognised as a loan to
customers or banks, or as an asset held for trading. In respect of securities held in a repurchase
agreement, the liability is recognised as due to banks or customers, or as a HfT financial liability.
Revenue from these loans, being the coupons accrued on the securities and the difference between the
sale/purchase and resale/repurchase prices, is recognised in profit or loss through interest income and
expenses on an accruals basis.
These transactions can only be offset if, and only if, they are carried out with the same counterparty and
provided that such offset is provided for in the underlying contracts.
������� ����� ��������� ��� ������������ �� ���� �������� � ������
The “TFR” provision for Italy-based employee benefits is to be construed as a “post-retirement defined
benefit”. It is therefore recognised on the basis of an actuarial estimate of the amount of benefit accrued
by employees discounted to present value. This benefit is calculated by an external actuary using the unit
credit projection method (see Section 12 under Retirement Payments and Similar Obligations).
Following pension reform by Law December 5, 2005 n.252/2005, TFR installments accrued to 12.31.2006
stay in the employer and are considered a post-employment defined benefit plan therefore incurring
actuarial valuation, though with simplified actuarial assumptions, i.e., forecast future pay rises are not
considered.
TFR installments accrued since 01.01.2007 (date of Law 252’s coming into effect) are, at the employee’s
discretion, either paid into a pension fund or left in the company and (where the company has in excess of
50 employees) paid into an INPS Treasury fund by the employer, and are considered a definedcontribution
plan.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
218