Contingent
liabilities

Underwriting programs

As at 31 December 2011, the Group's underwriting agreements covered the following securities (maximum liability of the Group to acquire securities):

Issuer of securities underwritten Type of underwritten securities Off-balance sheet liabilities resulting from underwriting agreement Contract period Sub-issue type
Company A corporate bonds 423 000 31.07.2013 Bonds Issue Agreement*
Company B corporate bonds 136 013 31.12.2024 Bonds Issue Agreement*
Company C corporate bonds 102 700 31.10.2013 Bonds Issue Agreement*
Company D corporate bonds 24 900 30.12.2015 Bonds Issue Agreement*
Company E corporate bonds 20 000 02.01.2012 Bonds Issue Agreement*
Total   706 613    

* Relates to the Agreement for Organisation, Conducting and Servicing of the Bond Issuance Program.

As at 31 December 2010, the Group's underwriting agreements covered the following securities (maximum liability of the Group to acquire securities):

Issuer of securities underwritten Type of underwritten securities Off-balance sheet liabilities resulting from underwriting agreement Contract period Sub-issue type
Company A corporate bonds 304 000 31.07.2013 Bonds Issue Agreement*
Company E corporate bonds 200 000 02.01.2012 Bonds Issue Agreement*
Company B corporate bonds 155 000 31.12.2024 Bonds Issue Agreement*
Company D corporate bonds 74 900 30.12.2015 Bonds Issue Agreement*
Company F corporate bonds 13 000 31.12.2018 Bonds Issue Agreement*
Entity A municipal bonds 4 000 31.12.2025 Bonds Issue Agreement*
Total   750 900    

* Relates to the Agreement for Organisation, Conducting and Servicing of the Bond Issuance Program.

All securities of the Group under the sub-issue (underwriting) program have an unlimited transferability, are not listed on the stock exchange and are not traded on a regulated OTC market.

Contractual commitments

As at 31 December 2011 the value of contractual commitments concerning intangible assets amounted to PLN 98 233 thousand (as at 31 December 2010 the value of commitments amounted to PLN 1 100 thousand).

Granted loan commitments

  31.12.2011 31.12.2010
Financial entities 1 144 993 752 074
Non-financial entities 28 486 768 27 747 336
State budged entities 823 897 1 005 614
Total 30 455 658 29 505 024
of which: irrevocable loan commitments 5 946 055 7 001 338

Granted loan commitments have been presented in nominal values.

Guarantees issued

  31.12.2011 31.12.2010
Financial entities 6 053 115 4 792 355
Non-financial entities 207 156 2 234 228
State budged entities 174 459 253 771
Total 6 434 730 7 280 354

In the years ended 31 December 2011 and 31 December 2010, the Bank and its subsidiaries did not issue any guarantees in respect of loans or advances and did not issue any guarantees to a single entity or a subsidiary thereof with a total value accounting for 10% of the Group’s equity.

Information on provisions for contingent guarantees and financial liabilities is included in Note 36 ‘Provisions’.

Contingent liabilities by maturity as at 31 December 2011

  Up to 1 month 1 - 3 months 3 months - 1 year 1 - 5 years Over
5 years
Total
Loan commitments 15 573 751 936 775 4 677 249 3 930 378 5 337 505 30 455 658
Guarantee liabilities issued 102 848 80 264 1 776 447 3 962 200 512 971 6 434 730
Total 15 676 599 1 017 039 6 453 696 7 892 578 5 850 476 36 890 388

Contingent liabilities by maturity as at 31 December 2010

  Up to 1 month 1 - 3 months 3 months - 1 year 1 - 5 years Over
5 years
Total
Loan commitments 16 631 759 314 035 3 994 998 2 923 109 5 641 123 29 505 024
Guarantee liabilities issued 1 649 878 974 119 1 828 614 2 550 325 277 418 7 280 354
Total 18 281 637 1 288 154 5 823 612 5 473 434 5 918 541 36 785 378

Off-balance sheet liabilities received (by nominal amount)

  31.12.2011 31.12.2010
Financial 883 117 403 874
Guarantees 1 918 281  2 228 815 
Total 2 801 398  2 632 689 

Assets pledged as collateral for contingent liabilities

As at 31 December 2011 and as at 31 December 2010 the Group had no assets pledged as collateral for contingent liabilities.

Right to sell or pledge collateral established for the Group

As at 31 December 2011 and as at 31 December 2010, there was no collateral established for the Group which the Group was entitled to sell or encumber with another pledge in the event of fulfilment of all obligations by the owner of the collateral.