UBI Banca Group

The economic and financial assumptions used in the actuarial valuation were as follows:
• discount rate of 4.23%
• expected rate of pension revaluation of 1.50%
• annual inflation rate of 2.00%.
Actuarial valuations
The table below gives the results from the actuarial valuations performed as at 31 st December
2011 in relation to the different groups:
Changes in liabilities in 2011 for IAS 19 purposes
Former B.M.L.
pension fund
Former C.R.C.
pension fund
Total
A. Opening balances 9,732 13,794 23,526
B. Increases 2,213 1,178 3,391
B.1 Interest expense balancing entry in the income statement "personnel expense" 423 585 1,008
B.2 Actuarial gains balancing entry in "fair value reserves" 1,655 593 2,248
B.3 Provisions 50 - 50
B.4 Other changes 85 - 85
C. Decreases (715) (1,618) (2,333)
C.1 Pension benefits paid (715) (1,618) (2,333)
C.2 Actuarial losses balancing entry in "fair value reserves" - - -
C.3 Other changes - - -
D. Final balances 11,230 13,354 24,584
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.
12.4 Provisions for liabilities and charges – other provisions
31/12/2011 31/12/2010
1. Provision for revocation risks 27,657 29,161
2. Provision for bonds and default 9,637 10,155
3. Other provisions for risks and charges 52,487 40,883
Total 89,781 80,199
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