UBI Banca Group

Changes in liabilities in 2011 for IAS 19 purposes
CENTROBANCA PENSION FUND
A. Opening balances 909
B. Increases 189
B.1 Interest expense balancing entry in the income statement "personnel expense" -
B.2 Actuarial gains balancing entry in "fair value reserves"
B.3 Provisions 30
B.4 Other changes 159
C. Decreases (75)
C.1 Pension benefits paid (75)
C.2 Actuarial losses balancing entry in "fair value reserves"
C.3 Other changes -
D. Final balances 1,023
BANCA REGIONALE EUROPEA SPA
As at 31.12.2011 there was a fund to supplement compulsory invalidity, old age and survivors
insurance for the staff of Banca Regionale Europea originally from the former Cassa del Monte di
Lombardia and from the former Cassa di Risparmio di Cuneo.
The fund pays the following welfare benefits as a direct pension for:
• old age, when the participants have reached the age limits set in the contracts in force at the
time, provided that they have participated in the fund for at least 15 years;
• length of service, when the participants have reached the minimum age limits set in the
contracts in force at the time;
• invalidity when, having obtained acknowledgement of the condition of invalidity and whatever
the age, a length of service of at least five years has been served, or whatever the length of service,
if the invalidity is permanent and caused by work.
Furthermore, survivors of participants receive an ‘indirect pension’ if a participant dies while in
service after one year of participation in the fund or after any period if death was caused by work
and a surviving dependent’s pension if a participant dies, provided a direct pension has been
paid.
Description of the main actuarial assumptions
The defined benefit plan fund was subjected to actuarial valuation which in the technical audit as
at 31/12/2011 resulted in an amount for the mathematical reserve which on average, in the
actuarial sense, will allow the pensions granted to pensioners and their surviving dependents to
be paid.
The valuations were performed in compliance with accounting standard IAS 19, with the
legislation governing the relative pensions schemes and with company regulations. More
specifically, the criterion used to calculate the liability is consistent with the projected unit credit
method required under IAS 19.
The following demographic assumptions:
• for the probability of death of pensioners, direct and/or indirect, those for the Italian population
taken from “RG48” tables prepared by the State General Accounting Office, separately by gender;
• for the probability of death of a spouse, those for the Italian population taken from “RG48”
tables prepared by the State General Accounting Office, separately by gender;
• for the probability of leaving a family, those adopted in the INPS (national insurance institute)
model for projections to 2010, separately by gender;
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