We have not finalized our total discussions how to cope of course with the long-term market demand which, of course, would mean then also long-term capacity demand, comparing the capacity would be then with the current capacity. Of course, we need to discuss and we need to discuss with what kind of measures we would tackle this kind of gap which are different in different areas.
For example, in the truck area where we had a huge flexibility, of course you target this differently. Also in the effect that you have maybe a three to five-year recovery in the market than the passenger car business where you have lower flexibility, we had lower flexibility and we see maybe a recovery in two to three years timeframe and of course, you know, our measures which we have specially in Germany regarding early retirement, voluntary severance programs, further short-timing, for example, and other measures which we will discuss of course certainly for different areas, differently and that will lead then to a final also plan for the years 2010. So that discussion of course not finalized yet so we cannot comment on that further.
Juergen Pieper - Analyst
Okay. Thanks.
Michael Muhlbaye
Next in line is Aleksej Wunrau.
Aleksej Wunrau - BHF
Good afternoon, Aleksej Wunrau of BHF, just two follow ups, first on your residual write-downs -- no, I''m sorry, on the extra pension charges of 810 million in this year, depending on the calculations you make one could also arrive at an under-funded gap of roughly 2 billion. So, do we have to assume further charges in 2010, maybe in the dimension of further 1 billion roughly? And the second question is on the cost savings in this year you exceeded the initial planning but could you give us an idea of what amount of these transitory cost savings would reverse in 2010. And then, we have the discontinuation of short-time work schemes into 2011?
Bodo Uebber
So, to your second questions. The only thing what I would like to say that we target more savings in 2010 and 2009 and I don''t want to go further in these detailed discussions because we have to finalize all our discussions internally before we go to the market and explain what we are doing for 2010.
Aleksej Wunrau - BHF
Net of the reversion of the cost savings.
Bodo Uebber
Net of the reversion, of course -- from a CEO point of view what should we do. I will not have a target to say that we reduce our efforts, so we have even to further go into our efforts because 2010 will be not an easy year. It''s quite clear the markets are not exploding in the fourth quarter. We cannot see this and it will not come so and therefore we have to prepare a very tough business in the year 2010. And therefore, the overall target has to be that we are even doing better as a target for 2010. Whether we can achieve it we will discuss internally and of course, when we have to finalize our discussion then we will also come to the markets with certain information which we will discuss at this point of time when we have this kind of discussion next year in February.
From the pension status point of view of course right now we are at -- your question was related to the pension status, which is 4.9 billion, at the end it depends a lot on the stock market development. We can guess, I do think but it''s also a little bit speculation but right now I do think the market we could see a setback in the stock markets. We have a lot of liquidity in the markets. It depends a little bit how big a setback could be, would be in the long-term I do think I expect markets going up so maybe look now in three to five years, and then the short term regarding pension. So, I would say of course our gap will close at the end of the day overtime. Now, it''s difficult to say how much it will be in 2010 or 2011. That is a little bit of speculation and that I don''t want to make.
Aleksej Wunrau - BHF
Okay. Would you say what portion of the assets are invested in equity?
Bodo Uebber
How much of the portion, right now we are at the 25% level.
Aleksej Wunrau - BHF
|
