ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

Financial results
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39. Contingent liabilities

39.1. Contingent liabilities

  end of 2014 end of 2013
Undrawn credit facilities 18,940.1 14,751.9
Guarantees 3,393.2 2,663.5
Undrawn overdrafts in current account 302.8 485.6
Credit card limits 844.6 764.1
Letters of credit 321.9 381.7
Total 23,802.6 19,046.8

The Group discloses obligations to grant loans. These obligations include approved loans, credit card limits and overdraft limits in current accounts. 

The Group issues guarantees and letters of credits to secure fulfilment of obligations of the Group’s customers to third parties. The value of guarantees and letters of credit disclosed above reflects maximum loss that can be incurred, and that would be disclosed as at the balance sheet date should the customers fail to fulfil their obligations in full.

The Group charges commissions for contingent liabilities granted, which are settled in line with the specific nature of the particular instrument.

Financial guarantee contracts by maturity

  end of 2014 end of 2013
up to 1 month 127.6 233.7
over 1 month and up to 3 months 342.4 527.0
over 3 months and up to 1 year 1,659.2 1,013.7
over 1 year and up to 5 years 1,137.7 758.7
over 5 years 126.3 130.4
Total 3,393.2 2,663.5

Information on guarantees granted to other issuers

At the end of 2014, the Group held obligations to purchase bonds issued by six issuers. The total amount of the obligation (understood as the unused limit of the total nominal guarantee liabilities) amounted to PLN 636.8 million. At the end of 2013 the Group held obligations to purchase bonds issued by four issuers for the total amount of PLN 545.5 million.

39.2. Guarantees received and commitments on financial support

  end of 2014 end of 2013
Guarantees received 41,382.2 35,091.6
Financing 1,846.0 1,540.3
Total 43,228.2 36,631.9

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