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42. Subordinated liabilities

PZU AR 2020 > Results > Supplementary information and notes > 42. Subordinated liabilities
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42.1 Accounting policy

Subordinated liabilities are recognized in the statement of financial position when the PZU Group company becomes a party to a binding contract in which it assumes the risk associated with the financial instrument. 

In the next periods subordinated liabilities are measured at amortized cost. 

Subordinated liabilities (or parts thereof) are excluded from the consolidated statement of financial position when the obligation specified in the contract is discharged or canceled or expires.

42.2 Quantitative data


Par value
(in millions)
Currency Interest rate Issue date/ Maturity date Carrying amount
31 December 2020
(in PLN m)
Carrying amount
31 December 2019
(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 2,265 2,279
Liabilities classified as Pekao’s own funds
A series bonds 1,250 PLN WIBOR 6M + margin 30 October 2017 / 29 October 2027 1,254 1,257
B series bonds 550 PLN WIBOR 6M + margin 15 October 2018 / 16 October 2028 552 554
C series bonds 200 PLN WIBOR 6M + margin 15 October 2018 /14 October 2033 201 201
D series bonds 350 PLN WIBOR 6M + margin 4 June 2019 / 4 June 2031 350 351
D1 series bonds 400 PLN WIBOR 6M + margin 4 December 2019 / 4 June 2031 401 401
Liabilities classified as Alior Bank’s own funds
F series bonds 322 PLN WIBOR 6M + margin 26 September 2014 / 26 September 2024 224 225
G series bonds 193 PLN WIBOR 6M + margin 31 March 2015 / 31 March 2021 195 196
I and I1 series bonds 183 PLN WIBOR 6M + margin 4 December 2015 / 6 December 2021 147 148
K and K1 series bonds 600 PLN WIBOR 6M + margin 20 October 2017 / 20 October 2025 604 605
Meritum Bank series B bonds 67 PLN WIBOR 6M + margin 29 April 2013 / 29 April 2021 68 68
EUR001 series bonds 10 EUR LIBOR 6M + margin 4 February 2016 / 4 February 2022 47 44
P1A series bonds 150 PLN WIBOR 6M + margin 27 April 2016 / 16 May 2022 151 151
P1B series bonds 70 PLN WIBOR 6M + margin 29 April 2016 / 16 May 2024 70 70
P2A series bonds 150 PLN WIBOR 6M + margin 14 December 2017 / 29 December 2025 150 150
Subordinated liabilities 6,679 6,700

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

Subordinated liabilities by maturity 31 December 2020 31 December 2019
Up to 1 year 410 -
1 to 5 years 1,246 902
Over 5 years 5,023 5,798
Total subordinated liabilities by maturity 6,679 6,700