UBI Banca Group

Changes in liabilities in 2011 for IAS 19 purposes
Former Carical
pension fund
Former
Caripuglia
pension fund
Former Carisal
pension fund
Total
A. Opening balances 33,894 9,174 579 43,647
B. Increases 9,944 2,495 192 12,631
B.1 Interest expense balancing entry in the income statement
"personnel expense"
1,429 390 24 1,843
B.2 Actuarial gains balancing entry in "fair value reserves" 8,515 2,105 168 10,788
B.3 Pro visio ns - - - -
B.4 Other changes - - - -
C. Decreases (4,329) (1,017) (79) (5,425)
C.1 Pension benefits paid (4,329) (1,017) (79) (5,425)
C.2 Actuarial losses balancing entry in "fair value reserves" - - - -
C.3 Other changes - - - -
D. Final balances 39,509 10,652 692 50,853
The average present value of pensions currently being paid (immediate costs) was identified as
constituting the economic commitments of the fund as at 31 st December 2011.
A sufficiently prudent system of financial capitalisation was adopted that is able to guarantee the
full cover of the benefits to be paid to the group of pensioners existing as at 31 st December 2011
with the accumulated reserves at any moment.
CENTROBANCA SPA
This is a supplementary pension fund in which there are now ten remaining pensioners from
Centrobanca participating. No changes in the population of the participants has occurred since
the previous year.
The contribution for the 2011, as specified by the “Fund Regulations” was calculated on the basis
of the weighted average rate used in the valuation performed 3.83%).
Against that contribution the Bank benefited from the returns on using the assets of the fund.
The sums in the fund are not invested in specific assets.
Except for the amount recognised within liability item 120a), no other liabilities and/or assets
were recognised in the financial statements of the bank
The main actuarial assumptions on which the valuation of the fund as at 31.12.2011 was based
are as follows:
- demographic assumptions deduced from the RG48 mortality tables prepared by the State
General Accounting Office, separately by gender;
- a discount rate calculated as the weighted average of the EUR Composite A interest rate curve as
at 31.12.2011, using, as weights, the ratios between the amount paid for each maturity date and
the total amount to be paid until the extinction of the population considered.
The present value of the fund, calculated on the basis of those assumptions, resulted in an
“actuarial loss” of €159 thousand (point C.3).
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