Question discussed at the 2010 general meeting

Technically speaking, any recalculation of the profit allocation for the 2009 financial year using the old rules is not easy at all. Under the old system, it was effectively the Council of Regency that took decisions concerning provisions set aside for various risks and provisions for future foreign exchange losses, but this is no longer the case under the new arrangements.

In the estimates given below, it is therefore assumed that, for the 2009 financial year, no payment would have been made into the provision for miscellaneous risks and the provision for future foreign exchange losses has been disregarded. Consequently, the estimate for corporation tax is also only approximate. 

Making these assumptions, it is possible to calculate that the sovereign State would have had 219 million euro less allocated to it and the shareholders would have got 21 million euro less for the 2009 financial year under the old system for sharing out the profits and fixing the dividend. On the other hand, under this system, an additional 74 million euro in corporation tax would have had to be paid on the profits for 2009, 43 million euro would have been allocated to the staff or to institutions acting on their behalf and 122 million euro more would have been allocated to the reserves, while the above-mentioned provisions would not have been able to be transferred into the available reserves since such reserves could not have been created under the old system.

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