Geschäftsbericht 2008 - NordFinanz Bank AG

g) Other Assets
Other assets are carried at their nominal value.
h) Prepaid Expenses
Since discounted savings bonds are reported at their
repayment amounts as “Due to Customers,” the
interest not yet payable on these savings bonds must
be accrued as prepaid expenses.
i) Liabilities
Liabilities are carried at their repayment amounts
including proportionate interest.
j) Deferred Income
Deferred income essentially includes interest on
loans, discounts from the waiver of receivables, and
surrender-of-use commitments resulting from the
waiver of lease payments.
Deferred income items for interest on loans and
discounts from the waiver of receivables are reversed
using the effective interest method. Income from the
surrender-of-use commitment to lessees is recognized
on a straight-line basis in accordance with the
due dates of the lease payments.
k) Provisions for Pensions
Provisions for pensions were calculated based on
actuarial principles in accordance with Section 6a of
the German Income Tax Act, using a discount rate of
6% and Professor Klaus Heubeck’s 2005 G mortality
tables.
l) Provisions
Other provisions are recognized for uncertain obligations
in the amount of expected utilization as
dictated by prudent business judgment.
m) Subordinated Liabilities
Subordinated liabilities are carried at their repayment
amount including proportionate interest.
II. SPECIFIC DISCLOSURES ON INDIVIDUAL BA-
LANCE SHEET ITEMS
1. Assets
a) Due from Customers
Based on their respective maturity the amounts due
from customers break down as follows:
– up to three months € 17,333,596.57
– more than three months
and up to one year € 44,651,318.04
– more than one year and
up to five years € 54,375,009.84
– more than five years € 3,258,892.91
– No stated maturity € 37,675,112.99
b) Bonds and Other Fixed-Income Securities
Securities with a par value of K€ 500 will become due
and payable during the year following the balance
sheet date. The entire portfolio has been pledged for
a credit line granted.
c) Tangible Assets
Land and buildings € 15,094,428.75
Office and operating equipment € 2,020,077.21
Depreciation amounting to €597,699.82 was charged
on tangible assets in the year.
The building in Bremen was purchased on December
31, 2008. The land is encumbered in the
amount of €4,294,851.80.
NF-Bank