ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

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33. Provisions

  end of 2014 end of 2013
Provision for issues in dispute 21.5 21.6
Provision for off-balance sheet liabilities 18.3 13.5
Provision for retirement benefits 20.5 20.4
Provision for unused holidays 14.5 12.2
Provision for employment restructuring 0.0 0.1
Total 74.8 67.8

 

2014
  Provision for issues in dispute Provision for off-balance sheet liabilities Provision for retirement benefits Provision for unused holidays Provision for employment restructuring TOTAL
Opening balance 21.6 13.5 20.4 12.2 0.1 67.8
  - provisions recognised 7.2 15.8 1.9 2.5 0.0 27.4
  - provisions reversed -1.4 -11.8 0.0 0.0 0.0 -13.2
  - provisions used -6.0 0.0 0.0 -0.2 -0.1 -6.3
  - exchange rate changes 0.0 0.8 0.0 0.0 0.0 0.8
  - actuarial gains / loosses 0.1 0.0 -1.8 0.0 0.0 -1.7
Closing balance 21.5 18.3 20.5 14.5 0.0 74.8
Expected provision settlement period:            
  - up to 1 year 1.0 0.0 1.7 14.5 0.0 17.2
  - over to 1 year 20.5 18.3 18.8 0.0 0.0 57.6

 

2013
  Provision for issues in dispute Provision for off-balance sheet liabilities Provision for retirement benefits Provision for unused holidays Provision for employment restructuring TOTAL
Opening balance 20.6 22.3 20.3 9.5 0.1 72.8
  - provisions recognised 1.6 10.0 2.7 3.1 0.0 17.4
  - provisions reversed -0.3 -18.7 0.0 -0.2 0.0 -19.2
  - provisions used -0.3 0.0 -0.2 -0.2 0.0 -0.7
  - exchange rate changes 0.0 -0.1 0.0 0.0 0.0 -0.1
  - actuarial gains / loosses 0.0 0.0 -2.4 0.0 0.0 -2.4
Closing balance 21.6 13.5 20.4 12.2 0.1 67.8
Expected provision settlement period:            
  - up to 1 year 1.1 0.0 1.2 12.2 0.1 14.6
  - over to 1 year 20.5 13.5 19.2 0.0 0.0 53.2

Provision for issues in dispute

The recognised amount of provisions as at 31 Dec 2014 comprises:

  • disputable cases connected with negligent performance of agreements: PLN 19.7 million (PLN 19.8 million as of  31 Dec 2013),
  • criminal cases: PLN 1.6 million (PLN 1.6 million as of  31 Dec 2013),
  • cases relating to claims filed by former employees: PLN 0.2 million (PLN 0.2 million as of  31 Dec 2013).

The value of proceedings conducted in 2014 concerning liabilities and debt claims did not exceed 10% of the Group equity. 

In view of the Group, none of the proceedings conducted in 2014 before court, competent authority for arbitrage proceedings or public administration authority, individually and in total, pose a risk to the Group financial liquidity.

Provision for retirement benefits

Provisions for retirement severance pay are estimated on the basis of actuarial valuation with discount rate, which at the end of 2014 totalled 2.7% (4.0% at the end of 2013). Provision being the result of actuarial valuation is recognised and reviewed per annum.

Provision for retirement benefits – a revision of the balance-sheet liability
  2014 2013
Opening balance 20.4 20.3
Costs included in the profit and loss account, out of which: 2.2 2.7
  - regular employment costs 1.4 1.4
  - costs of interest 0.8 0.8
  - future employment costs 0.0 0.5
  - amortisation cost 0.0 0.0
Actuarial gains / losses -1.8 -2.4
Paid benefits -0.3 -0.2
Closing balance 20.5 20.4

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