Pledged
assets

The Group had the following pledged assets:

Liabilities from negative valuation of financial instruments

The collateral due to negative valuation of financial instruments comprises placements with banks. The amount of these assets as at 31 December 2011 amounted to PLN 435 957 thousand (as at 31 December 2010 PLN 825 718 thousand).

Liabilities from sell-buy-back transactions (SBB)

  31.12.2011 31.12.2010
Treasury bonds:
nominal value 665 043 458 322
carrying amount 643 483 445 460

Bank deposit guarantee fund

PKO Bank Polski SA contributes to a fund for the guarantee of retail deposits in accordance with Article 25 of the Act on the Bank Guarantee Fund (Bankowy Fundusz Gwarancyjny) dated 14 December 1994 (unified text Journal of Laws 2009, No. 84, item 711 with subsequent amendments).

  31.12.2011 31.12.2010
Value of the fund 535 226 489 891
Nominal value of pledge 565 000 515 000
Type of pledge Treasury bonds Treasury bonds
Maturity of the pledge 25.01.2021 25.01.2021
Carrying value of the pledged asset 555 135 506 992

The Bank’s contribution to the Bank Guarantee Fund is secured by Treasury bonds with maturities sufficient to secure their carrying amount over the period defined by the above Act. The Fund is increased or decreased on 1 July of each year, in proportion to the amount providing the basis for calculation of mandatory reserve deposits.

Guarantee Fund for the Settlement of Stock Exchange Transactions

Cash pledged as collateral for securities' transactions conducted by Dom Maklerski PKO BP SA (Brokerage House) are deposited in the National Depository for Securities (KDPW SA), as part of the Guarantee Fund for the Settlement of Stock Exchange Transactions.

  31.12.2011 31.12.2010
Guarantee Fund for the Settlement of Stock Exchange Transactions 3 923 6 950

Each direct participant who holds the status of settlements-making participant is obliged to make payments to the settlement fund which guarantees a proper settlement of the stock exchange transactions covered by that fund. The amount of the payments depends on the value of transactions made by each participant, and is updated by KDPW SA on a daily basis.