Bank Austria Creditanstalt - Annual Report 2005

Other assets
€ m	2005	2004
Tax claims	1,010	976
Current taxes	53	55
Deferred tax assets	957	921
Positive fair values of derivative hedging instruments	2,075	2,046
Other assets	762	600
Prepaid expenses	110	140
OTHER ASSETS	3,956	3,761

Deferred tax assets
€ m	2005	2004
Deferred tax assets	675	606
relating to
trading assets	83	106
loans and advances to customers incl. loan loss provisions	69	83
investments	56	41
property and equipment	4	3
other assets	56	88
amounts owed to banks and customers	5	5
provisions for retirement benefits and similar obligations	401	279
other balance sheet items	1	1
Deferred tax assets relating to tax losses carried forward which have not yet been used	282	315
DEFERRED TAX ASSETS	957	921

In 2005, deferred taxes were partly recognised directly in equity. Of the total amount, € 56 m (2004: € 55 m) was debited to the available-for-sale reserve and € 29 m (2004: € 45 m) was credited to the cash flow hedge reserve. In addition, as actuarial gains and losses on pension and severance-payment obligations amounting to € 734 m (2004: € 244 m) were not recognised in income, deferred tax assets of € 182 m (2004: € 61 m) were offset against equity.

As a result of the acquisition of Banca Comerciala “Ion Tiriac” S.A., Bucharest, Romania, foreign currency translation of deferred taxes and direct offsetting against reserves, part of the change in deferred taxes was not reflected in the expense.

The assets include deferred tax assets arising from the carryforward of unused tax losses in the amount of € 282 m (2004: € 315 m). Most of the tax losses carried forward can be used without time restriction. In respect of tax losses carried forward in the amount of € 650 m (2004: € 700 m), no deferred tax assets were recognised because, from a current perspective, a tax benefit is unlikely to be realised within a reasonable period.

(19) Other assets