RBS 2006 Annual Report Download - page 58
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57
RBS Group • Annual Report and Accounts 2006
Operating and financial review
Integration costs
2006 2005
£m £m
Staff costs 76 148
Premises and equipment 10 39
Other administrative expenses 32 131
Depreciation and amortisation 16 140
134 458
Accruals in relation to integration costs are set out below.
At 31 December Currency translation Charge to Utilised during At 31 December
2005 adjustments income statement the year 2006
£m £m £m £m £m
Staff costs 32 (1) 76 (84) 23
Premises and equipment 14 (1) 10 (23) —
Other 26 (1) 48 (65) 8
72 (3) 134 (172) 31
Integration costs were £134 million compared with £458 million
in 2005 comprising amortisation of internally developed
software and other expenditure. Software costs were previously
written-off as incurred under UK GAAP but under IFRS are
now amortised over 3-5 years. All software relating to the
NatWest integration was fully amortised by the end of 2005.
The balance of integration costs principally relates to the
integration of Churchill, First Active and Citizens’ acquisitions,
including Charter One which was acquired in August 2004.