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.
|Currency||Interest rate||Issue date/ Maturity date||Carrying amount
31 December 2020
(in PLN m)
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|
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|