Mizuho Bank Europe Annual Report 2018

55 2018 ANNUAL REPORT 18. Other liabilities The specification of the other liabilities is as follows: (in €’000) 31/12/2018 31/12/2017 Revaluation of derivatives valued at cost 29,160 61,398 Interest and commission payable 9,989 8,341 Expenses payable 6,345 5,478 Unsettled payments 44 1,251 Other taxes payable 1,017 2 Other 59 852 46,614 77,322 19. Provisions The specification of the provisions is as follows: (in €’000) 31/12/2018 31/12/2017 ASC 715 pension liabilities 12,337 12,788 Early retirement fund - 30 12,337 12,818 MBE has entered into a defined benefit pension scheme and reports a provision for pension liabilities in accordance with ASC 715. The information presented below is prepared in accordance with our understanding of the requirements of the following FASB statements: ASC 715 Compensation – retirement benefits. Net periodic pension cost: (in €’000) 2018 2017 Service cost 1,774 1,628 Interest cost 729 705 Return on plan assets (442) (489) Amortization of net (gain)/loss 258 179 Prior service cost 10 22 Total net periodic pension costs 2,329 2,045 Weighted average assumptions at year-end 2018 2017 Discount rate 1.95% 1.85% Expected return on plan assets 1.51% 1.65% Rate of compensation increase 1.80% 1.80% The actuarial valuation is based on assumptions. The assumptions are being reviewed by and discussed between the Management Board and the actuary, who is making the actuarial valuation, on a yearly basis. Benefit obligations and funded status The disclosure shown below provides information on the projected benefit obligation, the plan assets and the amounts to be included in the accounts of MBE as of 31 December 2018. (in €’000) 2018 2017 Accumulated benefit obligation, at 1 January 39,431 37,180 Change in projected benefit obligation: Service cost 1,774 1,628 Interest cost 729 705 Actuarial (gain)/loss (1,367) 119 Plan amendment (324) - Benefits paid (175) (201) Balance as at 31 December 40,068 39,431 (in €’000) 2018 2017 Fair value of plan assets: Balance as at 1 January 26,643 26,908 Actual return on plan assets 926 (1,128) Employer contributions 337 1,064 Benefits paid (175) (201) Balance as at 31 December 27,731 26,643 (in €’000) 2018 2017 ASC 715 Funded status at 31 December: Plan assets 27,731 26,643 Current liabilities (207) (175) Non-current liabilities (39,861) (39,256) Total asset/(liability) (12,337) (12,788)