Annual report 2008
Binck Bank
- Consolidated Financial Statements
- Notes to the consolidated financial statements
- Notes to the consolidated balance sheet
- 8. Cash and balances with central banks 9. Banks 10. Financial assets held for trading 11. Financial assets at fair value through profit or loss
- 12. Available-for-sale financial assets 13. Loans and receivables
- 14. Held-to-maturity financial assets 15. Investments in associates
- 16. Intangible assets
- 17. Property, plant and equipment
- 18. Tax
- 19. Deferred tax
- 20. Other assets 21. Prepayments and accrued income 22. Derivative positions held on behalf of clients
- 23. Customer deposits 24. Financial liabilities at amortised cost 25. Provisions
- 26. Other liabilities 27. Accruals and deferred income
- 28. Shareholders' equity
- Notes to the consolidated income statement
- 29. Interest 30. Commission
- 31. Other income 32. Result on investments 33. Impairment losses on financial instruments 34. Employee expenses
- 35. Depreciation and amortisation 36. Other operating expenses 37. Earnings per share (euros)
- 38. Diluted earnings per share (euros) 39. Paid and proposed dividend
- 40. Related party disclosures
- 41. Liabilities not shown on the face of the balance sheet
- 42. Post-balance-sheet events 43. Segment information
- 44. Financial risks
- 45. Fair value financial instruments
- Company Financial Statements
- Notes to the company financial statements
- Notes to the company balance sheet
- C. Cash and balances with central banks d. Due from Banks e. Financial assets held for trading f. Financial assets at fair value through profit and loss
- G. Available-for-sale financial assets h. Loans and receivables i. Held-to-maturity financial assets j. Investments in subsidiaries and associates
- K. Intangible assets
- L. Property, plant and equipment
- M. Current tax assets n. Deferred tax o. Other assets
- P. Prepayments and accrued income q. Customer deposits r. Financial liabilities at amortised cost s. Provisions
- T. Other liabilities u. Accruals and deferred income
- V. Shareholders' equity w. Other information
Notes to the consolidated balance sheet
31 December 2008
31 December 2007
x € 1,000
x € 1,000
23. Customer deposits
1,747,699
1,772,822
This item comprises:
Savings accounts
861,239
624,774
Demand deposits
886,460
1,148,048
1,747,699
1,772,822
24. Financial liabilities at amortised cost
-
1,080
The profit-sharing bond loan concerns a loan granted by a group of
employees. With the agreement of the bondholders, the entire loan
was repaid in January 2008.
25. Provisions
93
416
This item comprises:
Onerous contracts
93
146
Pensions
-
270
93
416
(I) Onerous contracts
The movements in the provision for onerous contracts were
as follows:
Carrying amount as at 1 January
146
199
Released to income
(53)
(53)
Carrying amount as at 31 December
93
146
The provision for onerous contracts has been recognised in respect
of rented office space, where the costs of the lease are higher than
the economic benefits expected to be generated by the contract.
The period for which the provision has been formed is equal to the
remaining period of the lease, which expires on 1 October 2010, but
will be reduced as and when the economic benefits are deemed
likely to exceed the costs. The discount rate applied to this provision
is equal to the expected future rate of increase in the rent.
(II) Pension liabilities
The changes in the pension provision were as follows:
Carrying amount as at 1 January
270
246
Added / (released)
(26)
24
Released due to termination of plan
(244)
-
Carrying amount as at 31 December
-
270
The following liabilities have been recognised in the consolidated
balance sheet in respect of the defined benefit plan:
Pension liabilities:
Present value of defined benefit obligation
-
1,831
Fair value of plan assets
-
(1,585)
Unattributed past service cost
-
24
Total pension liabilities
-
270
Movements in the present value of the defined benefit obligation
Opening position
1,831
1,822
Current service cost
136
186
Interest cost
97
82
Employee contributions
55
50
Benefits paid
(30)
(17)
Actuarial gains and losses
44
(292)
Gain on termination of the plan
(2,133)
-
Closing position
-
1,831
Movements in the fair value of plan assets:
Opening position
1,585
1,576
Expected return on plan assets
78
64
Actuarial gains and losses on plan assets
(348)
(268)
Actual return on plan assets
(270)
(204)
Contributions during the year employer
181
180
Contributions during the year employee
55
50
Benefits paid
(30)
(17)
Adjustments on termination of plan
(1,521)
-
Closing position
-
1,585
Net benefit expense:
Current service cost
136
186
Interest cost
97
82
Expected return on plan assets
(78)
(64)
Gain on termination of the plan
(244)
-
Total
(89)
204
The plan assets are managed by an insurance company. BinckBank
is unable to influence the investment policy. None of the plan
assets is held or used by BinckBank.
The actuarial assumptions used in measuring the above items were
as follows:
Life expectancy
AG generation table 2050,
with age reduction of
1 year for men and
1 year for women
Discount rate
5.70%
Expected return on plan assets
5.10%
Expected pay rises
2.0%
Retirement age
65
There are no other material actuarial assumptions. Indexation of
the benefits is not discretionary.
The defined benefit pension scheme for Syntel employees was
ended at year-end 2008, at which time final settlement took place
and the accumulated benefit entitlements remained with the
insurer. With effect from 1 January 2009, all Syntel staff have been
transferred to the BinckBank N.V. defined contribution plan. This
decision was taken and communicated to the pension scheme
members before 31 December 2008. The effects have been
accounted for in the 2008 financial year.