assume further that the creditor of the bond makes the following decision on dec 31 613386

Effect of a minimum funding requirement when there is an IAS 19 deficit and the minimum funding contributions payable would not be fully available [IFRIC 14.IE3-8]

An entity has a funding level on the minimum funding requirement basis (which is measured on a different basis from that required under IAS 19) of 77% in Plan B. Under the minimum funding requirements, the entity is required to increase the funding level to 100% immediately. As a result, the entity has a statutory obligation at the end of the reporting period to pay additional contributions of €300m to Plan B. The plan rules permit a maximum refund of 60% of the IAS 19 surplus to the entity and the entity is not permitted to reduce its contributions below a specified level which happens to equal the IAS 19 service cost. The year-end valuations for Plan B are set out below.