European banks take £27bn hit under new rules

European banks take £27bn hit under new 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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