Basic HTML-Version
40
Cost of company issues
Issue costs and premium or discount are distributed evenly over
the term of the debt.
Pension provision
The pension provisions have been calculated according to
recognised actuarial principles, applying the entry age normal
method, based on a technical interest rate of 2% (previous year:
3%), using the Pagler & Pagler mortality tables (AVÖ 2008) and
taking the individual retirement age into account. No staff turnover
deduction was made. Monetary value adjustments are allowed for
by using the real interest rate.
Provision for redundancy payments and similar
obligations
Provisions for redundancy payment obligations as of the balance
sheet date have been calculated according to principles of mathe-
matical finance, applying an interest rate of 2% (previous year: 3%)
and taking the individual retirement age into account. Provisions
for the obligation to pay long-service bonuses have been calculated
according to principles of mathematical finance in similar fashion
to the redundancy payment obligations. No staff turnover deduction
was made. Monetary value adjustments are allowed for by using
the real interest rate.
Other provisions
Applying the prudence principle, the other provisions take into
account all discernible risks at the time of preparing the statements,
as well as all probable or certain liabilities of uncertain proportions,
for the purpose of setting aside the amounts necessary in our
reasonable commercial judgement.
Liabilities
Liabilities are recognised at the higher of their nominal value or
redemption value.
Recognition of derivative transactions
Due to a technical change in the booking system for derivative
transactions, for the first time the resultant interest income and
expense is being disclosed gross. This booking system change
also has implications for the deferred income and prepaid
expenses. Derivative premiums are no longer recognised under
other assets and liabilities, but rather under deferred income and
prepaid expenses respectively. The comparable figures for the
previous year have not been adjusted.
Note concerning means of disclosure
pursuant to Section 26 of the BWG
Pursuant to Section 26 of the BWG, banks are required to disclose
information about their organisational structure, risk management
and risk capital situation at least once a year. This information is
published on RLB Tirol AG’s website at www.rlb-tirol.at.
Annual financial statements