40.1. Securities covered with underwriting agreements (maximum liability of the Group to acquire securities):
| Issuer of securities underwritten | Type of underwritten securities | Off-balance sheet liabilities resulting from underwriting agreement | Contract period |
|---|---|---|---|
| As at 31 December 2014 | |||
| Company A | corporate bonds | 1,055,000 | 31.07.2020 |
| Company B | corporate bonds | 1,049,000 | 15.06.2022 |
| Company C | corporate bonds | 91,700 | 31.12.2022 |
| Company D | corporate bonds | 50,000 | 19.12.2022 |
| Total | 2,245,700 | ||
| As at 31 December 2013 | |||
| Company B | corporate bonds | 1,633,000 | 15.06.2022 |
| Company A | corporate bonds | 800,000 | 31.07.2015 |
| Company D | corporate bonds | 50,000 | 19.12.2022 |
| Company C | corporate bonds | 34,000 | 31.12.2022 |
| Company E | corporate bonds | 24,238 | 29.06.2018 |
| Company F | corporate bonds | 13,410 | 31.10.2017 |
| Total | 2,554,648 | ||
All agreements relate to the Agreement for Organisation, Conducting and Servicing of the Bond Issuance Programme.
All securities of the Group under the sub-issue (underwriting) programme have an unlimited transferability, are not listed on the stock exchange and are not traded on a regulated OTC market.
40.2. Contractual commitments
As at 31 December 2014 the value of contractual commitments concerning intangible assets amounted to PLN 200 662 thousand (as at 31 December 2013 amounted to PLN 347 636 thousand).
As at 31 December 2014 the value of contractual commitments concerning tangible fixed assets amounted to PLN 96 772 thousand (as at 31 December 2013 amounted to PLN 48 629 thousand).
40.3. Loan commitments granted
| by nominal value | 31.12.2014 | 31.12.2013 |
|---|---|---|
| Credit lines and limits | ||
| to financial entities | 533,975 | 737,531 |
| to non-financial entities | 34,540,558 | 30,203,660 |
| to public entities | 3,258,574 | 3,269,584 |
| Total | 38,333,107 | 34,210,775 |
| of which: irrevocable loan commitments | 7,943,931 | 7,708,424 |
40.4. Guarantee liabilities granted
| 31.12.2014 | 31.12.2013 | |
|---|---|---|
| Guarantees in domestic and foreign trading | 9,248,321 | 6,227,396 |
| to financial entities | 160,298 | 64,444 |
| to non-financial entities* | 9,066,109 | 6,151,081 |
| to public entities | 21,914 | 11,871 |
| Guarantees and pledges granted – domestic corporate bonds | 4,516,150 | 3,466,648 |
| to non-financial entities | 4,514,050 | 3,466,648 |
| to financial entities | 2,100 | - |
| Letters of credit granted | 702,768 | 491,768 |
| to non-financial entities | 702,768 | 491,669 |
| to public entities | - | 99 |
| Guarantees and pledges granted – payment guarantee to financial entities | 17,278 | 117,420 |
| Guarantees and pledges granted – domestic municipal bonds to public entities | 55,008 | 83,773 |
| Total | 14,539,525 | 10,387,005 |
| of which: good performance guarantees granted | 1,942,582 | 1,652,473 |
In the years ended 31 December 2014 and 31 December 2013 respectively, the Bank and its subsidiaries did not issue any guarantees in respect of loans or advances and did not issue any guarantees to a single entity or a subsidiary thereof with a total value accounting for 10% of the Group’s equity.
Information on provisions for off-balance sheet guarantees and financial liabilities is included in the note 38 ‘Provisions’.
Liabilities granted by maturity
| Up to 1 month | From 1 month to 3 months | From 3 months to 1 year | From 1 year to 5 years | Over 5 years | Total | |
|---|---|---|---|---|---|---|
| Loan commitments granted | 23,931,316 | 958,392 | 4,627,057 | 3,832,809 | 4,983,533 | 38,333,107 |
| Guarantee liabilities granted | 225,396 | 1,336,294 | 2,552,934 | 8,595,674 | 1,829,227 | 14,539,525 |
| Total | 24,156,712 | 2,294,686 | 7,179,991 | 12,428,483 | 6,812,760 | 52,872,632 |
| Up to 1 month | From 1 month to 3 months | From 3 months to 1 year | From 1 year to 5 years | Over 5 years | Total | |
|---|---|---|---|---|---|---|
| Loan commitments granted | 20,719,932 | 823,022 | 3,690,204 | 3,220,801 | 5,756,816 | 34,210,775 |
| Guarantee liabilities granted | 194,722 | 348,890 | 2,354,950 | 6,450,394 | 1,038,049 | 10,387,005 |
| Total | 20,914,654 | 1,171,912 | 6,045,154 | 9,671,195 | 6,794,865 | 44,597,780 |
40.5. Off-balance sheet liabilities received
| By nominal value | 31.12.2014 | 31.12.2013 |
|---|---|---|
| Financial | 2,004,673 | 369,303 |
| Guarantees* | 4,725,751 | 2,570,701 |
| Total | 6,730,424 | 2,940,004 |
* The position off-balance sheet guarantees received includes mainly guarantees under the programme to support micro, small and medium-sized enterprises – a guarantee of de minimis.
Due to the provisions of the Agreement which require the Nordea Bank AB (publ) Group to participate in the default risk of the Mortgage Portfolio, on 1 April 2014, PKO Bank Polski SA and Nordea Bank AB (publ) concluded a special indemnity agreement (the ‘Special Indemnity Agreement’), according to which Nordea Bank AB (publ) will cover, for a period of 4 years following the Closing Date, 50% of the excess of the Mortgage Portfolio cost of risk excess over the annual cost of risk set at 40 basis points for each year of the above-mentioned four-year contract period of the Special Indemnity Agreement. As a part of works related to the settlement of the transaction, the Group has made a valuation of the Special Indemnity Agreement on the basis of conducted analysis of probability of cash flows arising from the Agreement. The estimated expected value is 0.
Right to sell or pledge collateral established for the Group.
As at 31 December 2014 and as at 31 December 2013, there was no collateral established for the Group, which the Group was entitled to sell or encumber with another pledge in the event of fulfilment of all obligations by the owner of the collateral.