Pension expenditure is expected to increase further over the next few decades as populations age .

In particular , current transfers increased substantially , reflecting a marked increase in social spending , particularly on pensions , health care and unemployment benefits

In addition , this heading will include the liabilities of the ECB to the euro area NCBs in respect of the transfer of foreign exchange reserve assets ( Euros 39.5 billion ) , as described under asset item 1 above . This item comprises provisions against accumulated pension liabilities of the ECB to its staff in connection with the ECB 's pension scheme and sundry provisions relating to expenditure incurred , including unused provisions taken over from the EMI .

Prepaid expenditure and accrued interest paid ( 3 )

Staff costs are divided into two main categories, administrative staff costs and academic staff costs.

Costs

Staff costs

ECB Convergence Report May 2006 classification of funded pension schemes in case of government responsibility or guarantee and to the recording of military expenditure .

A. Staff costs

Overheads include postage, telephone and fax costs.

12.04 Financial Markets 12.0403 Budget lines 12.0403.01 EIOPA Subsidy under Titles 1 an 2 ( Staff and administrative expenditure ) 12.0403.02 EIOPA Subsidy under Title 3 ( Operating expenditure ) 3.2 .

Overheads include stationery, photocopying, office supplies, postage and telecommunication costs directly related to the project, but exclude staff costs and equipment.

Prepaid expenditure and accrued interest paid ( i.e. accrued interest purchased with a security )

3.2 Expenses 3.3 Extraordinary income Staff costs This item relates to salaries and allowances ( ECU 21.3 million ) , and to employer 's contributions to pensions and health and accident insurance ( ECU 3.6 million ) , in respect of staff employed by the EMI .

Staff costs This item relates to salaries and allowances ( ECU 12.8 million ) , and to employer 's contributions to pensions and health and accident insurance ( ECU 2.1 million ) , in respect of staff employed by the EMI .

These include accommodation, meals, medical insurance, social security costs, visa costs, local transportation costs and any other daily living costs.

Staff costs Other administrative expenses Depreciation of ( in ) tangible fixed assets Profit for the year

Expenses Staff costs Other administrative expenses ( including initialisation costs of Depreciation of tangible assets Total expenses 3.388.001 14.692.575 6.862.916 )

Prepaid expenditure and accrued interest paid ( 3 ) ( a ) Advances , loans , other minor items .

It envisages raising additional taxes, cutting pensions further, and implementing automatic spending cuts if fiscal targets are missed.

others to cover costs not included under above categories, e.g. visa costs, bank charges, health insurance.

But even so, as you go out into those future years, various pension costs, health costs go up enough, and the revenue does not go up enough.

Staff costs, equipment, publishing and printing, other costs and overheads, which altogether should not exceed 60 of the total grant

Prepaid expenditure and accrued interest paid ( i.e. accrued interest purchased with a security ) Advances , loans and other minor items .

Total expenditure on health (including private sector spending) is around 9.8 of GDP.

The cost of pension reforms should be measured on the basis of the pension scheme accounts .

This fund is kept separately from all of the ECB 's other assets and shall be used solely to provide the benefits and to pay the expenses of the retirement plan .

Prepaid expenditure and accrued interest paid ( i.e. accrued interest purchased with a security ) Advances , loans and other minor items .

Travel costs Costs of stay Staff Travel costs and Costs of stay

Grants for staff travel are intended to cover travel, accommodation, subsistence and personal insurance costs.

Requests for local travel costs (e.g. local transport costs once at the host institution) will not be considered these should be paid from the subsistence grant.

Prepaid expenditure and accrued interest paid ( i.e. accrued interest purchased with a security ) ( a ) Advances , loans and other minor items .

Prepaid expenditure and accrued interest paid ( i.e. accrued interest purchased with a security ) ( a ) Advances , loans and other minor items .

Prepaid expen diture and accrued interest paid ( i.e. accrued interest purchased with a security ) ( a ) Advances , loans and other minor items .

Concomitantly , ageingrelated expenditure on pensions , health care and long term care would then increase significantly in relation to GDP if policies regarding benefits were to continue unchanged .

I .

Staff costs Other administrative expenses Depreciation of tangible assets 24,926,562 28,613,295 3,012,512

Title 2 Building , equipment and administrative expenditure Rental of buildings and

Expenses Staff costs Other administrative expenses Depreciation of tangible assets 14,850,208 19,009,671 2,729,127 24,926,562 28,613,295 3,012,512

Insurance corporations and pension funds Other liabilities Other participating Member States With agreed maturity Euro NonMFIs Insurance corporations and pension funds

Prepaid expenditure and accrued interest paid ( i.e. accrued interest purchased with a security ) Advances , loans and other minor items .

As is highlighted in Table 7 , from around 2010 onwards a marked ageing of the population is expected and , in the context of an unfunded pension system , public pension expenditure is forecast to increase in terms of GDP , particularly if policies regarding benefits continue unchanged .

Investment portfolios related to pension funds and severance schemes .

Investment portfolios related to pension funds and severance schemes .

Insurance corporations and pension funds Other liabilities Other participating Member States With agreed maturity Foreign currency NonMFIs Insurance corporations and pension funds