Operating expenses

 

As a result of prudent cost management, operating expenses further decreased by 15% from EUR 181 million to EUR 154 million, following a reduction of 14% in 2008.

 

Personnel expenses decreased by 25% in 2009. The decrease is a result of lower flexible rewards and lower expenses for temporary staff. The average number of FTEs decreased by 3% in 2009.

 

Other operating expenses declined in 2009 despite a provision of EUR 6 million related to our share in the loss by Dutch banks caused by the bankruptcy of DSB Bank.

 

Depreciation and amortisation remained stable in 2009 at a level of EUR 8 million.