XII. GOODWILL AND OTHER INTANGIBLE ASSETS As of 31 March 2004 and 31 December 2003, the Bank has no goodwill.
Intangible assets are measured at the cost of the asset on initial recognition and the related other costs are included in the initial measurement.
Intangibles are amortised over five years (their estimated useful lives) using the straight-line method. The useful life of the asset is determined by assessing the expected useful time of the asset, technical, technological and other kinds of wear and tear and all required maintenance expenses made to utilise the economic benefit from the asset.
The Bank does not expect material changes in the estimation of useful lives, depreciation methods or residual values that may have a significant impact on current period or future periods.
Costs associated with development of computer software programmes and expenditures that enhances and extends the benefits of computer software programmes beyond their original specifications and lives are added to the original cost of the software and capitalized. Capitalized
computer software development costs are amortised using the straight-line method over their remaining useful lives.
