ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

Financial results
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19. Assets securing liabilities

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Market value of assets securing liabilities

  end of 2014 end of 2013
From the portfolio of financial assets measured at fair value through profit and loss:    
  - treasury bonds collateralising the liabilities due to securities sold with a promise of repurchase (sell-buy-back transactions) 56.3 606.0
From the portfolio of available-for-sale financial assets:    
  - treasury bonds constituting a collateral to Bank Guarantee Fund 428.3 429.2
  - treasury bonds collateralising the loan received by the subsidiary of the European Investment Bank 290.0 228.0
  - French government bonds to hedge settlements with the LCH 258.4 0.0
  - treasury bonds collateralising the Bank debt to subsidiary 41.4 42.4
  - treasury bonds collateralising the liabilities due to securities sold with a promise of repurchase (sell-buy-back transactions) 29.3 0.0
  - treasury bonds collateralising the liabilities due to securities sold with a promise of repurchase (repo transactions) 0.0 428.3
From the portfolio of loans and receivables:    
  - treasury bonds collateralising the liabilities due to securities sold with a promise of repurchase (repo transactions) 0.0 28.1

Securities are pledged on the terms provided for by:

  • the Banking Guarantee Fund Act (Journal of Laws 84 of 2009, item 711),
  • Commercial Companies Code, Article 495 (Journal of Laws of 2000, no. 94, item 1037 as amended),
  • agreements,
  • the basis of the transaction.

The carrying amount of liabilities from repurchase transactions (sell-buy-back and repo) are presented in the following notes:

Besides the instruments indicated herein, assets limited as to use also include the mandatory provision which the Group parent company has to maintain in the current account with NBP. For mandatory provision details, see note no. 14 Cash in hand and balances with the Central Bank.

The majority of buy-sell-back/reverse repo transactions are effected assuming the option of legal transfer of securities’ ownership being object of such transactions. The above indicates that the counterparty who purchased ownership of securities can still sell back them or pledge them accordance with the generally adopted market practice.

Securities not recognised as the Group assets accepted as collateral for liabilities under repo transactions

The market value of securities under buy-sell-back / reverse repo transactions totalled PLN 1,204.9 million as at 31 Dec 2014, as compared to PLN 1,429.0 million as at 31 Dec 2013.

The majority of buy-sell-back/reverse repo transactions are effected assuming the option of legal transfer of securities’ ownership being object of such transactions. The above indicates that the securities can be still sold back or that a pledge can be established thereone in accordance with the generally adopted market practice.

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