Page 103 - Annual Report 2010

101

Financial Statements

5. Detailed disclosures relating to liability and equity headings

5.1 Financial liabilities

The movements relating to financial guarantees payables are set out below:

EUR 2010 2009

Balance at the beginning of the financial year 26 723 389 21 594 769 Guarantee calls (232 105) (797 244) Net increase/decrease in Financial Guarantees (4 542 895) 2 702 970 Up/ Downgrading 7 329 636 10 451 348 Transfer to provision for guarantees (2 375 991) (7 228 454)

Balance at the end of the financial year 26 902 034 26 723 389

EUR 2010 2009

Balance at 1 January 64 630 966 8 983 874 Additions 48 105 740 56 696 942 Utilised (5 267 313) 0 Release of provision 0 (1 049 850)

Balance at 31 December 107 469 393 64 630 966

When a guarantee operation measured under IAS 39 is derecognised and treated under IAS 37, its value previously recorded under Financial guarantees is transferred to the heading Provisions for guarantees.

5.2 Provisions for guarantees

Addi t ions include the increase in exist ing provisions on guarantee operat ions EUR 32 937 470 (2009: EUR 5 344 291), the value of the guarantee operations transferred from IAS 39 to IAS 37 in 2010 of EUR 2 062 362 (2009: EUR 7 228 454), and the additional provision on these transferred operations of EUR 13 105 908 (2009: EUR 44 124 197).

EUR 5 267 313 was utilised in 2010 for guarantee calls (2009: EUR 0).