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Rental expense and commitments

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements [Abstract]

Note 35 – Rental expense and commitments

At December 31, 2012, the Corporation was obligated under a number of non-cancelable leases for land, buildings, and equipment which require rentals as follows:

Year		Minimum payments^[1]
		(In thousands)
2013	$	34,853
2014		33,013
2015		32,065
2016		28,793
2017		23,445
Later years		162,462
	$	314,631

[1] Minimum payments have not been reduced by minimum non-cancelable sublease rentals due in the future of $0.5 million at December 31, 2012.

Total rental expense for all operating leases, except those with terms of a month or less that were not renewed, for the year ended December 31, 2012 was $ 44.3 million (2011 - $ 49.9 million; 2010 - $ 60.7 million), which is included in net occupancy, equipment and communication expenses, according to their nature.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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