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Financial statements 2011
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
31.12.2011
31.12.2010
Balance at the beginning of the financial year
26 902 034
26 723 389
Guarantee calls
(176)
(232 105)
Net increase/decrease in Financial Guarantees
(4 214 581)
(4 542 895)
Up/ Downgrading
2 095 903
7 329 636
Transfer to provision for guarantees
(761 144)
(2 375 991)
Balance at the end of the financial year
24 022 036
26 902 034
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
EUR
31.12.2011
31.12.2010
Balance at 1 January
107 469 393
64 630 966
Additions
71 849 633
48 105 740
Utilised
(1 596 066)
(5 267 313)
Release of provision
(15 855 834)
0
Balance at 31 December
161 867 126
107 469 393
Addi t ions include the increase in ex i s t ing prov i s ions on guarantee operat ions of EUR 66 399 384
(2010: EUR 32 937 470), the value of the guarantee operations transferred from IAS 39 to IAS 37 in 2011 of
EUR 761 144 (2010: EUR 2 062 362), and the additional provision on these transferred operations of EUR 4 689 106
(2010: EUR 13 105 908).
EUR (1 596 066) was utilised in 2011 for guarantee calls (2010: EUR 5 267 313).
Additions are increased due to provisions recognised for one specific and non granular financial guarantee transaction.