You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
13 Provisions<br />
Under the OeNBÕs initial retirement<br />
plan, the OeNB assumes full liability<br />
to provide retirement benefits to the<br />
employees with contracts concluded<br />
up to April 30, 1998. To cover this<br />
liability, the OeNB is obligated by<br />
law to establish a pension reserve<br />
corresponding to the actuarial present<br />
value of its pension liabilities.<br />
Following a change in the retirement<br />
plan, staff recruited after<br />
May 1, 1998, stands to receive a state<br />
pension supplemented by an occupational<br />
pension from an externally<br />
managed pension fund. For this supplementary<br />
pension, the OeNB took<br />
out a contract effective May 1, 1999,<br />
which also applies retroactively to<br />
employees taken on in the 12 months<br />
from May 1, 1998. With the OeNBÕs<br />
direct liability to pay retirement benefits<br />
now limited to staff recruited<br />
before May 1, 1998, the pension<br />
reserve set up to secure this liability<br />
has become a closed system. The<br />
OeNB taps this pension reserve to<br />
pay out retirement benefits.<br />
Dec. 31,<br />
2003<br />
Transfer<br />
from<br />
Transfer<br />
to<br />
Dec. 31,<br />
<strong>2004</strong><br />
EUR million EUR million EUR million EUR million<br />
Pension reserve 1,828.650 —90.939 +141.289 1,879.000<br />
Personnel provisions<br />
Severance payments 45.586 —3.408 +1.639 43.817<br />
Anniversary bonuses 10.347 —0.890 +0.593 10.050<br />
Residual leave entitlements 9.430 —0.002 +0.064 9.492<br />
Sabbatical — — +0.038 0.038<br />
Provisions for<br />
Schilling banknotes without an exchange deadline 259.829 —25.598 — 234.231<br />
Exchange rate risks — — +40.000 40.000<br />
Retained monetary income — — +39.569 39.569<br />
Corporate income tax — — +10.278 10.278<br />
Conclusion of the renovation work on the<br />
OeNBÕs main building and northern office building — — +5.088 5.088<br />
Accounts payable 1.885 —1.832 +1.260 1.313<br />
Premises management 1.461 —0.061 +0.038 1.438<br />
Accounts payable to subsidiaries 1.330 —1.330 +5.195 5.195<br />
Other 1.229 —1.059 +0.958 1.128<br />
Total 2,159.747 —125.119 +246.009 2,280.637<br />
Pension benefits as covered by<br />
the pension reserve augmented by<br />
EUR 2.481 million or 2.8% to EUR<br />
90.939 million in <strong>2004</strong>. This includes<br />
the remuneration of 15 retired board<br />
members or their dependents (totaling<br />
EUR 4.043 million; 2003: EUR<br />
3.966 million).<br />
The income on investment relating<br />
to the pension reserve was transferred<br />
to the pension reserve when<br />
the financial statements for <strong>2004</strong><br />
were prepared. The pension reserve<br />
is shown at its actuarial present value.<br />
The pension reserve on December<br />
31, <strong>2004</strong>, was calculated according<br />
to actuarial principles; the discount<br />
rate of 3.50% per annum is<br />
the same as that applied in 2003.<br />
Provisions for severance payments<br />
and anniversary bonuses are<br />
calculated according to actuarial<br />
principles; again, the discount rate<br />
of 3.50% per annum is the same as<br />
that applied in 2003.<br />
No provisions for pending lawsuits<br />
were made, as none are expected<br />
to have a material impact.<br />
Financial Statements<br />
<strong>Annual</strong> <strong>Report</strong> <strong>2004</strong> ×<br />
107
Change language