Provisions

In May 2022 Triodos Bank announced its intention to optimise its resources and deliver increased impact for the bank’s customers and investors. This restructure will help the bank to realise cost savings of approximately EUR 11-12 million. The restructuring is aiming to optimise the Bank through integration. To enable this restructuring Triodos Bank has recorded a restructuring provision of EUR 4.3 million, representing the cost related to redundancies. Any costs related to ongoing business such as retraining or relocating employees and consulting fees are not provided for. Further details over the restructuring plan can be found under note 16 Provisions, within the consolidated accounts of Triodos Bank.

In 2021, a provision of EUR 2.3 million was recorded in relation to a sale in 2019 of an investment within a managed investment fund that had been marked, in retrospect, for a fiscal claim, in which case part of the received management fee might need to be repaid. This provision has been derecognised in 2022 due to developments that have made the probability of future payments highly unlikely.

The movement of the other provisions is as follows: