ICICI Bank 2009 Annual Report Download - page 101

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F27
The details of provision created at the time of securitisation are given below:
Rupees in million
Particulars Year ended
March 31, 2009
Opening balance ............................................................................................. 9,186.7
Add: Additions during the year ....................................................................... 630.5
Less: Deductions during the year ................................................................... 4,250.0
Closing balance ............................................................................................... 5,567.2
8. Staff retirement benefits
Pension
Reconciliation of opening and closing balance of the present value of the defined benefit obligation for pension benefits is
given below:
Rupees in million
Particulars Year ended
March 31, 2009 Year ended
March 31, 2008
Opening obligations ...................................................................................... 1,678.1 1,029.4
Add: Addition due to amalgamation ............................................................... —1,807.4
Service cost ..................................................................................................... 62.5 54.0
Interest cost .................................................................................................... 146.6 230.7
Actuarial (gain)/loss ......................................................................................... 484.8 (172.3)
Liabilities extinguished on settlement ............................................................ (364.2) (1,071.0)
Benefits paid ................................................................................................... (75.6) (200.1)
Obligations at end of year ............................................................................ 1,932.2 1,678.1
Opening plan assets, at fair value ................................................................ 1,490.1 988.5
Add: Addition due to amalgamation ............................................................... —584.8
Expected return on plan assets ...................................................................... 117.4 115.8
Actuarial gain/(loss) ......................................................................................... 144.8 (118.0)
Assets distributed on settlement ................................................................... (395.8) (1,145.2)
Contributions ................................................................................................... 864.4 1,264.3
Benefits paid ................................................................................................... (75.6) (200.1)
Closing plan assets, at fair value .................................................................. 2,145.3 1,490.1
Fair value of plan assets at the end of the year .............................................. 2,145.3 1,490.1
Present value of the defined benefit obligations at the end of the year ........ 1,932.2 1,678.1
Amount not recognised as an asset (limit in Para 59(b)) ................................ 51.2 —
Asset/(liability) .............................................................................................. 161.9 (188.0)
Cost for the year
Service cost ..................................................................................................... 62.5 54.0
Interest cost .................................................................................................... 146.6 230.7
Expected return on plan assets ...................................................................... (117.4) (115.8)
Actuarial (gain)/loss ......................................................................................... 340.0 (54.3)
Curtailments & settlements (gain)/loss ........................................................... 31.6 74.2
Effect of the limit in para 59 (b) ...................................................................... 51.2 —
Net cost .......................................................................................................... 514.5 188.8
Investment details of plan assets
Majority of the plan assets are invested in Government securities and corporate bonds.
Assumptions
Interest rate ..................................................................................................... 6.85% 8.57%
Salary escalation rate ...................................................................................... 7.00% 7.00%
Estimated rate of return on plan assets ......................................................... 8.00% 8.00%
forming part of the Accounts (Contd.)
schedules