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53. Offsetting financial assets and financial liabilities

PZU AR 2020 > Results > Supplementary information and notes > 53. Offsetting financial assets and financial liabilities
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53.1 Accounting policy

The offsetting agreements entered into by the Group include:

  • International Swaps and Derivatives Association (ISDA) Master Agreements and other master agreements pertaining to derivatives,
  • Global Master Repurchase Agreement (GMRA) pertaining to securities purchase/sale and repurchase transactions

The offsetting agreements entered into by the PZU Group do not satisfy the offsetting criteria in the statement of financial position. For the provisions of such agreements provide for the right to offset the recognized amounts which is exercisable only in the case of occurrence of a specific event (breach of the agreement).

The PZU Group received and submitted collateral in the form of margins and liquid securities for transactions on derivatives.

These collaterals are established on standard industry terms. Collaterals in the form of margin follow from, e.g. the Credit Support Annex (CSA) – constituting an annex to ISDA master agreements.

53.2 Quantitative data

The disclosures in the tables below apply to financial assets and liabilities that are subject to enforceable netting master agreements or similar agreements, irrespective of whether they are set off in the statement of financial position.

Financial assets and liabilities subject to offset, if any 31 December 2020 31 December 2019
Financial assets

Financial derivatives

Carrying amount of the items from the statement of financial position 6,339 3,107
Carrying amount of the items not subject to offset, if any 375 239
Net carrying amount – subject to offset, if any 5,964 2,868
Potential offset amounts 5,236 2,596
- financial instruments (includes received collateral on securities) 4,700 2,103
- received cash collateral 536 493
Net value 728 272
Financial liabilities

Financial derivatives

Carrying amount of the items from the statement of financial position 6,281 3,018
Carrying amount of the items not subject to offset, if any 199 157
Net carrying amount – subject to offset, if any 6,082 2,861
Potential offset amounts 5,647 2,754
- financial instruments (includes received collateral on securities) 4,724 2,136
- received cash collateral 923 618
Net value 435 107