European banks take £27bn hit under new rules
Credit rating agency study shows impact of pension accounting rules
Credit rating agency study shows impact of pension accounting rules
Closing holes in company pension funds has cost Western European banks £27bn
under new
IFRS
pension accounting rules, according to a new study by
Standard & Poor’s.
Furthermore, the report found that Europe’s largest banks have off-balance
sheet liabilities of more than €16bn (£10.8bn) as a result of deficits in their
pension funds.
According to S&P, Credit Suisse, Barclays,
Banco
Comercial Portugues, ABN Amro and UBS
are among the banks with unrecognised pension fund losses worth more than €1bn
(£676m).
Further reading:
IFRS not a drag for Imperial Tobacco
ASB proposes buy-out tags on pension schemes
Pension rules change could trap surpluses
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