Direct and incremental costs related to underwriting and advisory services and origination of loans are deferred and recognized together with the related revenue. Loan origination costs are netted against loan origination fees and are amortized to interest revenue over the contractual life of the related loans. Other operating costs, including advertising costs, are recognized as incurred.
The following information is part of the consolidated financial statements as of 31 December 2003, which were audited and issued with an unqualified certificate by KPMG Deutsche Treuhand AG, Wirtschaftprüfungsgesellschaft.
Expense Recognition
21 of 110 
21 of 110