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Long-term debt at March 31, 2012 and 2011 consisted of the following: 

<img src='content_image/165467.jpg'>

The amount for euro medium-term notes issued by the Company and a domestic consolidated subsidiary as of March 31, 2012 includes US$370,436 thousand, AU$857,000 thousand, NZ$665,000 thousand and ZAR 3,768,000 thousand. 

Interest rates of euro medium-term notes range from 0.00% to 7.30% at March 31, 2012 and from 0.02% to 7.30% at March 31, 2011. The weighted average interest rate on total outstanding yen 

## 13. Retirement benefits 

## Retirement benefits for employees 

## Unfunded plan 

Accumulated contribution plus interest to this unfunded plan are included in “Retirement benefits” in the consolidated balance sheets as of March 31, 2012 and 2011, in the amount of ¥29,984 million ($365,659 thousand) and ¥28,001 million, respectively. Benefit expenses stated in the consolidated statements of income for the years ended March 31, 2012 and 2011 were ¥2,451 million ($29,890 thousand), ¥3,288 million, respectively. 

subordinated borrowings and borrowings principally from banks at March 31, 2012 and 2011 was 0.81% and 1.02%, respectively. The weighted average interest rate on total outstanding lease obligations at March 31, 2012 was 1.66%. 

Daiwa had an unused commitment line amounting to ¥13,219 million ($161,207 thousand) under agreements with several banks at March 31, 2012. 

## Closed funded plan 

The effect on the consolidated financial statements was immaterial. 

## Retirement benefits for directors 

Directors’ retirement benefits in consolidated subsidiaries of ¥504 million ($6,146 thousand) and ¥437 million are included in “Retirement benefits” in the accompanying consolidated balance sheets as of March 31, 2012 and 2011, respectively. Benefit expenses stated in the consolidated statements of income for the years ended March 31, 2012 and 2011 were ¥218 million ($2,659 thousand), ¥204 million, respectively. 

