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Rental Expense and Commitments

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements [Abstract]

Note 36 – Rental expense and commitments

At December 31, 2011, the Corporation was obligated under a number of non-cancelable leases for land, buildings, and equipment which require rentals as follows:

Year		Minimum payments
		(In thousands)
2012	$	41,054
2013		38,790
2014		37,189
2015		35,179
2016		30,921
Later years		193,478
	$	376,611

Total rental expense for the year ended December 31, 2011 was $49.9 million (2010 - $60.7 million; 2009 - $65.6 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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