Bahamas - FirstCaribbean International Bank

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITEDNotes to Consolidated Financial StatementsOctober 31, 2002(expressed in thousands of Bahamian dollars)17 Restructuring provisionOctober 31,2002$Charged to income statement during period 8,812Net asset adjustment on acquisition 1,397Utilised during period -Balance at October 31, 2002 10,209As a result of the merger, restructuring accruals in 2002 comprised of employee terminations costs of$8,561 and other third party costs of $1,648. The full amount of the costs estimated to be incurred hasbeen recognised as a restructuring provision in the current period and is expected tobe fully utilised during fiscal years 2003 and 2004.18 Pension obligationsThe Bank has several pension schemes, most of which are non-contributory, allow additional voluntarycontributions and are final salary defined benefit plans. The plans are valued by independent actuariesevery three years using the projected unit credit method.68