German manufacturing firm Siemens said Wednesday it has set aside a provision of Eur1bn in fiscal 2008 as settlements in ongoing corruption investigations against the company.

In an announcement the firm said, “This current estimate is based on the status of ongoing discussions being held between the company and authorities in Germany and the US.”

The corruption scandal, which has gripped the German firm, has already claimed a number of executives, most notable ex-CEO Klaus Kleinfeld, and seen the conviction of two former mangers for bribery.

While commentators believe Eur1bn is pretty much the amount Siemens will have to pay out in settlements, there seems to be a general feeling of relief that the amount was not much higher.