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45.2 Quantitative data

Annual Report 2018 > RESULTS 2018 > Supplementary Information and Notes > 45. Financial liabilities > 45.2 Quantitative data
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Financial liabilities 31 December 2018 31 December 2017 (restated)
Financial liabilities measured at fair value 4,017 4,956
Derivatives held for trading 2,450 2,606
Cash flow hedge derivatives 771 682
Fair value hedge derivatives 144 186
Liabilities on borrowed securities (short sale) 120 750
Investment contracts for the client’s account and risk (unit-linked) 266 312
Liabilities to members of consolidated mutual funds 266 420
Financial liabilities measured at amortized cost 232,299 219,594
Liabilities to banks 6,044 5,323
Current deposits 1,058 996
One-day deposits 207 372
Term deposits 7 311
Loans received 4,386 3,380
Other liabilities 386 264
Liabilities to clients under deposits 207,635 198,163
Current deposits 137,559 122,956
Term deposits 69,350 74,453
Other liabilities 726 754
Liabilities on the issue of own debt securities 12,009 9,610
Subordinated liabilities 6,061 5,319
Liabilities on account of repurchase transactions 540 1,167
Investment contracts with guaranteed and fixed terms and conditions - 1
Finance lease liabilities 10 11
Total financial liabilities 236,316 224,550

Financial liabilities by maturity 31 December 2018 31 December 2017 (restated)
Up to 1 year 218,952 206,158
1 to 5 years 10,332 11,801
Over 5 years 7,032 6,591
Total financial liabilities by maturity 236,316 224,550

45.2.1 Financial derivatives

More information on derivative financial instruments is presented in section 34.

45.2.2 Subordinated liabilities

    Par value (in millions)   Currency   Interest rate   Issue (receipt) date / Maturity date Carrying amount 31 December 2018 (in PLN m) Carrying amount 31 December 2017 (in PLN m)
Liabilities classified as PZU’s own funds
Subordinated bonds – PZU 2,250 PLN WIBOR 6M + margin 30 June 2017 29 July 2027 2,279 2,285
Liabilities classified as Pekao’s own funds
A series bonds 1,250 PLN WIBOR 6M + margin 30 October 2017 29 October 2027 1,257 1,257
B series bonds 550 PLN WIBOR 6M + margin 15 October 2018 16 October 2028 548 n/a
C series bonds 200 PLN WIBOR 6M + margin 15 October 2018 14 October 2033 196 n/a
Liabilities classified as Alior Bank’s own funds
Subordinated loan 10 EUR EURIBOR 3M + margin 12 October 2011 12 October 2019 43 42
F series bonds 322 PLN WIBOR 6M + margin 26 September 2014 26 September 2024 225 225
G series bonds 193 PLN WIBOR 6M + margin 31 March 2015 31 March 2021 196 196
I and I1 series bonds 183 PLN WIBOR 6M + margin 4 December 2015 6 December 2021 148 147
K and K1 series bonds 600 PLN WIBOR 6M + margin 20 October 2017 20 October 2025 605 605
Meritum Bank series B bonds 67 PLN WIBOR 6M + margin 29 April 2013 29 April 2021 68 68
Meritum Bank series C bonds 80 PLN WIBOR 6M + margin 21 October 2014 21 October 2022 81 80
EUR001 series bonds 10 EUR LIBOR 6M + margin 4 February 2016 4 February 2022 44 43
P1A series bonds 150 PLN WIBOR 6M + margin 14 April 2016 16 May 2022 151 150
P1B series bonds 70 PLN WIBOR 6M + margin 21 April 2016 16 May 2024 70 70
P2A series bonds 150 PLN WIBOR 6M + margin 27 December 2017 29 December 2025 150 151
Subordinated liabilities 6,061 5,319

The lower carrying amount of subordinated liabilities compared to the nominal value ensues from some of the bonds issued by Pekao and Alior Bank were subscribed for by consolidated mutual funds.

45.2.3. Liabilities on the issue of own debt securities

Liabilities on the issue of own debt securities 31 December 2018 31 December 2017 (restated)
Bonds of PZU Finance AB (publ.) 3,676 3,478
Alior Bank series J bonds 268 253
Pekao bonds 1,978 90
Certificates of deposit 4,542 4,541
Covered bonds 1,545 1,248
Liabilities on the issue of own debt securities 12,009 9,610

  Par value Interest rate Issue dates Maturity date
Bonds of PZU Finance AB (publ.) EUR 850 million 1.375% 3 July 2014 16 October 2015 3 July 2019
Alior Bank series J bonds PLN 250 million WIBOR 6M + margin 11 August 2017 11 August 2020

Bonds classified as measured at amortized cost.

The liabilities of PZU Finance AB (publ.) arising from the bonds are secured by a guarantee granted by PZU which covers all issue-related liabilities of the issuer (including the obligation to pay the par value of the bonds and interest on the bonds) in favor of all bondholders. The maximum amount of the guarantee in effect until the expiration of the bondholders’ claims against PZU Finance AB (publ.), has not been specified.

 

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