Annual Report: - Gorenjska banka

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40. – 48. Other notes 40. Off-balance sheet business a) Contingent liabilities and commitments 120 Gorenjska banka, d. d., Kranj Annual Report 2011 Financial Report In thousands of EUR 2011 2010 The following table indicates the contractual amounts of the Bank’s off-balance sheet financial instruments that commit it to extend credit to customers. Guarantees 24,042 13,585 Commitments to extend credit 120,417 147,907 Commercial letters of credit 5,043 4,633 Spot transactions 151 260 149,653 166,385 Provisions for guarantees and commitments (Note 34) (413) (808) 149,240 165,577 b) Derivative financial instruments The table below presents the derivative financial instruments by notional amounts. Forwards (currency forwards) 104 - Forwards (forwards on equity shares) Options (equity options) 8,888 8,522 - Call 16,532 141,878 - Put - 115,631 25,524 266,031 The fair values of derivative financial instruments are disclosed under notes 18 and 29. The fair value of the future for a share with maturity date in 2012, equals zero. In 2011, the options for shares of Abanka Vipa, d. d., Ljubljana with the code ABKN, and the company Petrol, d. d., Ljubljana with the code PETG fell due. The Bank thus obtained 342,189 lots of ABKN shares and 84,299 lots of PETG shares. c) Court proceedings The Bank was involved in certain court proceedings in 2010 and 2011, but does not expect any losses arising from these proceedings; therefore, the Bank has not set aside any provisions for unresolved legal actions. 41. Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprises the following balances with less than 90 days maturity: Cash and balances with central banks (Note 17) 27,707 10,758 Loans and receivables to banks (Note 21) 19,252 5,554 46,959 16,312 The amount of obligatory reserves is daily available for the Bank's liquidity needs and is therefore considered as cash equivalent.
42. Related party transactions Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The Bank has two subsidiaries and one associated company. The only transactions undertaken with these companies are deposits. Terms are the same as for the unrelated persons. To the related party that owns more than 20% of the Bank loans have been granted and deposits were taken, both under the terms equal to terms for unrelated parties. In 2011 EUR 2,723 thousand long-term loans (2010: EUR 31,780 thousand) were granted (extended) at an average interest rate of 3M Euribor + 4.8% and EUR 8,060 thousand (of which EUR 5,were extended) short-term loans (2010: EUR 13,360 thousand) at an average interest rate of 5.5% (2010: 5.5%). A related party's past due liabilities as of 31 December 2011 amounted to EUR 2.723 thousand. It is related to an annuity of a long term loan that was due 30 November 2011. Since then the amount is acrueing interest at 9% legal penalty interest rate. Past due liabilities are collateralized by mortgages and share pledges. To the members of the Management and Supervisory Boards loans have been granted and deposits taken under the prevalent conditions in the market. In 2011 EUR 40 thousand long-term loans were granted (2010: EUR 437 thousand) at an average interest rate of 6M Euribor + 1.9% (2010: 6M Euribor + 1.1%). To key management personnel loans have been granted and deposits taken under the prevalent conditions in the market. In 2011 EUR 207 thousand loans were granted (2010: EUR 5 thousand) at an average interest rate of 5.7% (2010: 6M Euribor + 3.5%). None of the transactions incorporate special terms and conditions and no guarantees were given or received. The volumes and outstanding balances of related party transactions are as follows: In thousands of EUR Type of related party Key management Shareholders Associates Subsidiaries personnel over 20 % 2011 2010 2011 2010 2011 2010 2011 2010 Loans: Loans outstanding at 1 January 3,279 3,201 32,177 20,329 - - - - Loans issued during the year 2,584 598 41,706 51,621 - - - - Loan repayments (1,031) (70) (40,388) (39,773) - - - - Loans outstanding at 31 December 5,282 3,729 33,495 32,177 - - - - Impairment 67 14 1,155 1,110 - - - - Interest income earned 316 160 2,065 1,422 - - - - Deposits Deposits at 1 January 10,769 8,831 - 4,006 1,502 8,330 851 628 Deposits received 38,684 16,092 - - 36,942 1,695 14,034 11,942 Deposits repaid (34,656) (14,154) - (4,006) (29,227) (8,524) (13,840) (11,719) Deposits at 31 December 14,797 10,769 - - 9,217 1,502 1,044 851 Interest expense on deposits 305 223 - 5 233 60 18 12 Other revenue – fee income 9 12 8 7 8 11 10 10 Share options 3,375 2,055 - - - - - - 121 Gorenjska banka, d. d., Kranj Annual Report 2011 Financial Report
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Annual Report: All that counts.
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Financial Report 51 Statement of ma
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6 Gorenjska banka, d. d., Kranj Ann
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Financial highlights International
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Statement of the President of the M
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Report of the Supervisory Board of
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Information regarding the adoption
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Management and Organizational Chart
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Business Network Gorenjska banka, d
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Knowledge. A veritable wealth of kn
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In 2011, the financial crisis again
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About the Gorenjska banka group Com
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About the associated company Skupna
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The Bank’s business policies by k
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Activities in the area of human res
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Securities portfolio management The
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Total comprehensive income, i.e. ne
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The Bank’s equity investment in t
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The figure below shows the structur
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Comprehensive savings products offe
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Social responsibility Sponsorships
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Data and explanations pursuant to A
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Other explanations Shareholders in
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50 Gorenjska banka, d. d., Kranj An
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Statement of management’s respons
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Statement of financial position The
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Cash flow statement The notes on pa
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2.1.1. Existing standards and inter
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Under this method, The Bank’s sha
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2.4.1.4. Available for sale financi
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2.9. Fee and commission income Fees
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2.13. Accounting for leases 2.13.1.
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2.19. Financial guarantee contracts
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Page 78 and 79: c) Loans and receivables past due a
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Page 98 and 99: The table below contains a summary
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