Deutsche Post Annual Report 2008 - 47 Other liabilities

47 Other liabilities


€m
	2007	2008
Other liabilities, of which non-current: 367 (previous year: 361)	5,462	5,112

47.1 Breakdown of other liabilities


€m
	2007	2008
Tax liabilities	841	672
Derivatives, of which non-current: 103 (previous year: 97)	157	652
Compensated absences	420	440
Incentive bonuses	391	430
Payable to employees and members of executive bodies	486	345
Deferred income, of which non-current: 48 (previous year: 41)	453	313
Wages, salaries, severance	312	244
Liabilities from the sale of residential building loans, of which non-current: 113 (previous year: 106)	234	222
Social security liabilities	223	195
Debtors with credit balances	71	95
Overtime claims	98	93
Accrued interest	59	58
Other compensated absences	65	57
COD liabilities	78	51
Liabilities to Group companies	69	37
Insurance liabilities	41	29
Liabilities from cheques issued	8	20
Accrued rentals	25	20
Accrued insurance premiums for damages and similar liabilities	17	18
Liabilities for damages, of which non-current: 3 (previous year: 2)	20	17
Other liabilities to customers	5	2
Liabilities from defined contribution pension plans	5	0
Settlement offered to BHW minority shareholders	39	0
Liabilities from commissions and premiums	43	0
Liabilities to Bundes-Pensions-Service für Post und Telekommunikation e.V.	4	0
Miscellaneous other liabilities, of which non-current: 100 (previous year: 115)	1,298	1,102
Other liabilities	5,462	5,112

The increase in the derivatives’ fair value mainly results from exchange rate fluctuations and an increase in the portfolio’s volume. Further details on derivatives can be found in Note 51.2.

Of the tax liabilities, €349 million (previous year: €341 million) are accounted for by VAT, €199 million (previous year: €181 million) by customs and duties and €124 million (previous year: €319 million) by other tax liabilities.

The liabilities from the sale of residential building loans relate to obligations of Deutsche Post AG to pay interest subsidies to borrowers to offset the deterioration in borrowing terms in conjunction with the assignment of receivables in previous years as well as pass-through obligations from repayments of principal and interest for residential building loans sold.

Miscellaneous other liabilities include a large number of individual items.

47.2 Maturity structure


€m
	2007	2008
Less than 1 year	5,101	4,745
1 to 2 years	128	44
2 to 3 years	20	52
3 to 4 years	30	54
4 to 5 years	36	85
More than 5 years	147	132
Maturity structure of other liabilities	5,462	5,112

Short maturities or market interest rates means that there are no significant differences between the carrying amounts and fair value of primary financial instruments. There is no significant interest rate risk because most of these instruments bear floating rates of interest at market rates.