Consolidated Balance Sheet

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(before profit appropriation)

Notes

2011

2010

Assets

Banks

(1)

42,114

18,698

Short-term deposits

(2)

498,787

333,175

Derivative financial instruments

(3)

334,062

316,979

Loans to the private sector

(4), (8)

2,522,112

2,212,713

Loans guaranteed by the State

(5), (8)

62,550

56,292

Equity investments

(6)

753,366

637,802

Investments in associates

(7)

42,073

50,385

Interest-bearing securities

(9)

671,578

563,710

Tangible fixed assets

(10)

9,383

8,492

Deferred income tax assets

(30)

3,682

4,197

Current income tax receivables

(30)

4,560

8

Other receivables

(11)

32,896

31,461

Accrued income

(12)

82,116

71,150

Total assets

5,059,279

4,305,062

Liabilities

Short-term credits

(13)

557,660

278,590

Derivative financial instruments

(3)

66,038

44,431

Debt securities

(14)

22,429

51,667

Debentures and notes

(15)

2,656,111

2,313,600

Other liabilities

(16)

14,188

28,638

Current accounts with State funds and other programs

(17)

624

1,248

Wage tax liabilities

1,846

1,795

Deferred income tax liabilities

(30)

4,501

3,256

Accrued liabilities

(18)

55,099

50,958

Provisions

(19)

16,193

17,087

Total liabilities

3,394,689

2,791,270

Shareholders' equity

Share capital

9,076

9,076

Share premium reserve

29,272

29,272

Contractual reserve

753,989

665,173

Development fund

657,981

657,981

Available for sale reserve

176,201

118,097

Translation reserve

3,504

2,295

Other reserves

29,860

25,515

Undistributed profit

4,286

6,209

Shareholders' equity (parent)

1,664,169

1,513,618

Non-controlling interests

 

421

174

Total shareholders' equity

(20)

1,664,590

1,513,792

Total liabilities and shareholders' equity

 

5,059,279

4,305,062

Contingent liabilities

(31)

115,301

114,826

Irrevocable facilities

(31)

1,188,756

1,136,918

Loans and equity investments managed for the risk of the State1)

 

546,436

505,011

1) See segment reporting paragraph.

1. Banks

2011

2010

Banks

38,909

14,744

Mandatory reserve deposit with Dutch central bank

3,205

3,954

Total

42,114

18,698

Mandatory reserve deposits are not available for use in FMO's day-to-day operations.


2. Short-term deposits

 

2011 2010
Collateral delivered 15,750 2,190
Commercial paper 69,246 -
Money market funds 113,794 280,990
Dutch central bank 299,997 49,995
Total 498,787 333,175

3. Derivative financial instruments

FMO utilizes the following derivative instruments for both hedging and non-hedging purposes:

  • (Cross-currency) interest rate swaps are commitments to exchange one set of cash flows for another. Swaps result in an economic currency exchange or interest rate exposure (for example fixed rate or floating rate) or a combination of all these (i.e. cross-currency interest rate swaps).
  • Currency forwards represent commitments to purchase foreign and domestic currency, including undelivered spot transactions.

The following table summarizes the notional amounts and the fair values of the 'derivatives other than hedging instruments'. These derivatives are held to reduce interest rate risks and currency risks but do not meet the specified criteria to apply hedge accounting. The following table also includes derivatives related to the asset portfolio.

At December 31, 2011

Notional amounts

Fair value assets

Fair value liabilities

Derivatives other than hedging instruments:

  • Currency swaps

35,495

360

-806

  • Interest rate swaps

544,583

524

-2,029

  • Cross-currency interest rate swaps

2,880,657

258,014

-63,069

  • Forward Rate Agreements

385,460

-

-134

Sub-total

3,846,195

258,898

-66,038

Embedded derivatives related to asset portfolio

-

14,539

-

Total derivative assets (/liabilities) other than hedging instruments

3,846,195

273,437

-66,038

The increased notionals of derivatives other than hedging instruments are due to the hedging of interest rate and foreign exchange risks for loans in local currencies and funding in currencies other than euros and US dollars. FMO does not apply hedge accounting for these derivatives. FMO does not hold derivatives for trading purposes.

At December 31, 2011, FMO had no structured funding anymore.


The following table summarizes the notional amounts and the fair values of the derivatives designated as fair value hedges.

At December 31, 2011

Notional amounts

Fair value

assets

Fair value

Liabilities

Derivatives designated as fair value hedges:

  • Interest rate swaps

1,883,788

60,625

-

Total derivatives designated as fair value hedges

1,883,788

60,625

-

Total derivative financial instruments assets (/liabilities)

5,729,983

334,062

-66,038



For the year ended December 31, 2011, FMO recognized an ineffectiveness of €0.3 million net profit (2010: €1.0 million net profit) on the fair value hedges. The profit on the hedging instruments amounted to €19.9 million (2010: €12.8 million loss). The loss on hedged items attributable to the hedged risk amounted to €19.6 million (2010: €13.8 million profit).

The comparative figures for derivatives have been included in the following tables.

At December 31, 2010

Notional amounts

Fair value assets

Fair value liabilities

Derivatives other than hedging instruments:

  • Currency swaps

272,116

779

-7,909

  • Interest rate swaps

265,845

343

-621

  • Cross-currency interest rate swaps

2,220,792

246,881

-35,744

Sub-total

2,758,753

248,003

-44,274

Derivatives related to asset portfolio

-

5,644

-

Total derivative assets (/liabilities) other than hedging instruments

2,758,753

253,647

-44,274

At December 31, 2010

Notional amounts

Fair value

assets

Fair value liabilities

Derivatives structured:

  • Interest rate swaps

3,738

-

-157

  • Cross-currency interest rate swaps

9,196

1,142

-

Total derivative assets (/liabilities) structured

12,934

1,142

-157

At December 31, 2010

Notional amounts

Fair value

assets

Fair value

liabilities

Derivatives designated as fair value hedges:

  • Interest rate swaps

1,627,121

62,190

-

Total derivatives designated as fair value hedges

1,627,121

62,190

-

Total derivative financial instruments assets (/liabilities)

4,398,808

316,979

-44,431

4. Loans to the private sector

These loans to the private sector in developing countries are for FMO's account and risk. The movements of the loans to the private sector can be summarized as follows:

2011

2010

Balance at January 1

2,509,157

2,180,567

Disbursements

867,363

586,623

Re-class from equity investments

-4,787

794

Repayments

-545,421

-394,095

Write-offs

-18,433

-5,830

Changes in amortizable fees

-896

-7,797

Changes in fair value

856

-

Exchange rate differences

30,290

148,895

Balance at December 31

2,838,129

2,509,157

Value adjustments

-316,017

-296,444

Net balance at December 31

2,522,112

2,212,713

The following table summarizes the loans segmented by sector.

2011

2010

Financial institutions

1,164,891

932,725

Energy

341,462

284,307

Housing

213,308

185,187

Agribusiness, food & water

218,709

196,886

Diverse sectors

583,742

613,608

Net balance at December 31

2,522,112

2,212,713

2011

2010

Gross amount of loans to companies in which FMO has equity investments

189,896

174,634

Gross amount of subordinated loans

496,712

466,736

Gross amount of non-performing loans

97,350

58,571

A loan is classified as non-performing when payments of interest or principal are past due by 90 days or more.

5. Loans guaranteed by the State

These loans in developing countries are individually guaranteed by the Dutch State for 80% to 95%. Any losses will be compensated by the State up to the guaranteed percentage.

The loan portfolio guaranteed by the State comprises the loans issued under the FOM program. The movements can be summarized as follows:

2011

2010

Balance at January 1

62,475

51,050

Disbursements

14,821

32,831

Repayments

-8,465

-11,277

Write-offs

-526

-10,897

Changes in amortizable fees

200

185

Exchange rate differences

849

583

Balance at December 31

69,354

62,475

Value adjustments

-6,804

-6,183

Net balance at December 31

62,550

56,292

The following table summarizes the loans guaranteed by the State segmented by sector.

2011

2010

Financial institutions

-

-

Energy

-

-

Housing

-

-

Agribusiness, food & water

44,050

38,064

Diverse sectors

18,500

18,228

Net balance at December 31

62,550

56,292

Gross amount of subordinated loans

40,479

40,132

Gross amount of non-performing loans

6,139

6,303

6. Equity investments

These equity investments in developing countries are for FMO's account and risk. The movements in net book value of the equity investments are summarized in the following table.

2011

2010

Net balance at January 1

637,802

489,232

Purchases and contributions

179,488

150,153

Re-class to loans

4,787

-794

Re-class from/to associates

-

1,709

Decrease due to loss deconsolidation BanyanTree Growth Capital L.C.C.

-

-1,166

Sales

-86,521

-52,460

Value adjustments

-36,298

-10,967

Changes in fair value

54,108

62,095

Net balance at December 31

753,366

637,802

2011

2010

Equity investments at fair value

581,853

476,437

Equity investments at cost less impairment

171,513

161,365

Net balance at December 31

753,366

637,802

The following table summarizes the equity investments segmented by sector.

2011

2010

Financial institutions - of which investment funds: €519,136 (2010: €430,218

607,371

521,892

Energy

70,320

50,113

Housing

429

176

Agribusiness, food & water

21,709

16,579

Diverse sectors

53,537

49,042

Net balance at December 31

753,366

637,802

7. Investments in associates

The movements in net book value of the associates are summarized in the following table.

2011

2010

Net balance at January 1

50,385

41,577

Purchases and contributions

9,886

7,420

Re-class to/from equity investments

-

-1,709

Re-class from subsidiaries

-

12,346

Sales

-10,134

-15,316

Share in net results

-9,253

4,291

Translation differences

1,189

1,776

Net balance at December 31

42,073

50,385

2011

2010

Associates at cost

12

4,175

Associates at equity method

42,061

46,210

Net balance at December 31

42,073

50,385

The following table summarizes FMO's share in the total assets, liabilities, total income and total net profit/loss of the associates.

Associates at equity method

Associates at cost less impairment

Total

Total assets

106,681

12

106,693

Total liabilities

64,620

-

64,620

Total income

4,643

-

4,643

Total profit/loss

-9,253

-

-9,253

The associates valued at cost less impairment have incurred no cumulative impairment losses (2010: €0).

8. Movement in value adjustments

Movement in value adjustments FMO portfolio

Guarantees

Loans

Total

Balance at January 1, 2010

16,237

275,264

291,501

Additions

11,708

45,551

57,259

Reversals

-1,924

-38,112

-40,036

Exchange rate differences

1,474

19,571

21,045

Write-offs

-

-5,830

-5,830

Balance at December 31, 2010

27,495

296,444

323,939

Additions

-

59,592

59,592

Reversals

-13,791

-22,877

-36,668

Exchange rate differences

-160

1,291

1,131

Write-offs

-

-18,433

-18,433

Balance at December 31, 2011

13,544

316,017

329,561

Movement in value adjustments on loans guaranteed by the State

2011

2010

Balance at January 1

6,183

14,494

Additions

1,287

3,000

Reversals

-140

-414

Write-offs

-526

-10,897

Balance at December 31

6,804

6,183

FMO's own risk participation with regard to FOM (5% to 20%) is not guaranteed. The guaranteed part is recorded under other receivables (see note 11), and this amounts to €961 (2010: €2,161) for the value adjustment recognized in 2011.

9. Interest-bearing securities

This portfolio contains marketable bonds and private loans with fixed interest rates.

2011

2010

Bonds (listed)

666,660

558,709

Private loans

4,918

5,001

Balance at December 31

671,578

563,710

All interest-bearing securities are classified as available for sale assets. The movements can be summarized as follows:

2011

2010

Balance at January 1

563,710

629,567

Amortization premiums/discounts

-2,089

-1,042

Purchases

130,845

152,424

Sale and redemption

-26,129

-220,346

Revaluation

5,241

3,107

Balance at December 31

671,578

563,710

The interest-bearing securities have been issued by.

2011

2010

Private parties:

 

  • Credit institutions

521,169

471,041

  • Other

41,821

43,350

Public bodies

108,588

49,319

Balance at December 31

671,578

563,710

10. Tangible fixed assets

Furniture

ICT equipment

Leasehold improvement

Land and buildings due to business combination

Total 2011

Total 2010

Historical cost price at January 1

6,258

22,251

870

5,026

34,405

33,194

Accumulated depreciation at January 1

-5,646

-19,544

-723

-

-25,913

-23,133

Balance at January 1

612

2,707

147

5,026

8,492

10,061

Decrease historical cost price due to sale subsidiary TCX Investment Management Company B.V.

-

-

-

-

-

-93

Decrease accumulated depreciation due to subsidiary TCX Investment Management Company B.V.

-

-

-

-

-

15

Investments

331

1,432

9

1,105

2,877

1,304

Depreciation

-238

-1,259

-47

-347

-1,891

-2,795

Accumulated depreciation on divestments

5

19,346

711

-

20,062

-

Divestments historical cost price

-138

-19,263

-756

-

-20,157

-

Balance at December 31

572

2,963

64

5,784

9,383

8,492

Historical cost price at December 31

6,451

4,420

123

6,131

17,125

34,405

Accumulated depreciation at December 31

-5,879

-1,457

-59

-347

-7,742

-25,913

Balance at December 31

572

2,963

64

5,784

9,383

8,492

 

The land, buildings and equipment due to business combinations (€5,784) relate to Blauser S.A.

11. Other receivables

2011

2010

Debtors related to sale of equity investments

2,231

997

Taxes and social premiums

380

378

To be declared on State guaranteed loans

5,948

6,707

Accrued management fees State funds

4,235

4,106

Other receivables

20,102

19,273

Balance at December 31

32,896

31,461


12. Accrued income

2011

2010

Accrued interest on loans

37,828

31,464

Accrued interest on swaps and other assets

43,983

39,686

Other accrued income

305

-

Balance at December 31

82,116

71,150


13. Short-term credits

2011

2010

Collateral received

296,880

231,431

Deposits placed by financial institutions

260,780

47,159

Short-term credits

557,660

278,590

14. Debt securities

Debt securities include all non-subordinated debt, not identified as debentures or other notes payable to banks. Debt securities do not include savings deposits.

Debt securities consist of loans and deposits raised in the international capital market from professional counterparties. The movements of debt securities are summarized as follows:

2011

2010

Balance at January 1

51,667

50,937

Amortization of premiums/discounts

-2,631

1,253

Proceeds from issuance

681

3,910

Redemptions

-27,335

-3,415

Changes in fair value

-887

-1,018

Exchange rate differences

934

-

Balance at December 31

22,429

51,667

The following table summarizes the carrying value of the debt securities.

2011

2010

Debt securities valued at fair value under hedge accounting

15,622

42,311

Debt securities valued at amortized costs

6,807

9,356

Balance at December 31

22,429

51,667

The nominal amounts of the debt securities are as follows:

2011

2010

Debt securities valued at fair value under hedge accounting

10,289

34,140

Debt securities valued at amortized costs

6,807

9,356

Balance at December 31

17,096

43,496

15. Debentures and notes

Debentures and notes consist of medium-term notes under the GMTN program and public issues in the Swiss franc (CHF) public market, the Japanese yen (JPY) Samurai market, the Australian dollar (AUD) market, and the Canadian dollar (CAD) market. The movements can be summarized as follows:

2011

2010

Balance at January 1

2,313,600

2,129,554

Amortization of premiums/discounts

2,964

7,248

Proceeds from issuance

460,556

432,888

Redemptions

-247,969

-484,348

Changes in fair value

22,193

-4,162

Exchange rate differences

104,767

232,420

Balance at December 31

2,656,111

2,313,600


The following table summarizes the carrying value of the debentures and notes.

2011

2010

Debentures and notes valued at fair value under the fair value option

-

36,011

Debentures and notes valued at fair value under hedge accounting

1,919,296

1,636,883

Debentures and notes valued at amortized costs

736,815

640,706

Balance at December 31

2,656,111

2,313,600

The nominal amounts of the debentures and notes are as follows:

2011

2010

Debentures and notes valued at fair value under the fair value option

-

35,923

Debentures and notes valued at fair value under hedge accounting

1,845,135

1,566,404

Debentures and notes valued at amortized costs

736,815

640,706

Balance at December 31

2,581,950

2,243,033

16. Other liabilities

2011

2010

Amortized costs related to guarantees

644

881

Liabilities for guarantees

13,544

27,495

Other liabilities

-

262

Balance at December 31

14,188

28,638

17. Current accounts with State funds and other programs

2011

2010

Current account MASSIF

-

4

Current account European Investment Bank

624

1,244

Balance at December 31

624

1,248

18. Accrued liabilities

2011

2010

Accrued interest on banks, debt securities and debentures and notes

45,049

40,292

Other accrued liabilities

10,050

10,666

Balance at December 31

55,099

50,958

19. Provisions

The amounts recognized in the balance sheet are as follows.

2011

2010

Pension schemes

16,141

16,704

Other provisions

52

383

Balance at December 31

16,193

17,087

Pension schemes

FMO has established a number of pension schemes covering all its employees. Most of the pension schemes are average salary-defined benefit plans. FMO has outsourced the management of the pension assets to an asset manager. FMO has agreed strict guidelines with the asset manager. The assets of the funded plans are held independently of FMO's assets by the insurance company in separately administered funds. Independent actuaries value the schemes every year using the projected unit credit method. The latest actuarial valuations were carried out as per December 31, 2011.

The amounts recognized in the balance sheet are as follows:

2011

2010

Present value of funded defined benefit obligations

88,224

83,344

Fair value of plan assets

-88,531

-74,023

-307

9,321

Unrecognized actuarial gains/(losses)

16,448

7,383

Liability in the balance sheet

16,141

16,704

The movements in the fair value of plan assets can be summarized as follows:

2011

2010

Fair value at January 1

-74,023

-61,087

Expected return on plan assets

-3,795

-3,520

Employer contribution

-3,924

-4,529

Plan participants' contributions

-906

-860

Actuarial (gains) / losses

-7,670

-5,673

Benefits paid

1,787

1,646

Fair value at December 31

-88,531

-74,023

Determination of expected return on assets

An important element for financial reporting is the assumption for return on assets (ROA). The ROA is updated at least annually, taking into consideration the pension plan's asset allocation, historical returns on the types of assets held in the fund and the current economic environment. Based on these factors, it is expected that the fund's assets will earn an average percentage per year over the long term. This estimate takes into account a deduction for administrative expenses and investment manager's fees paid from the fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the plan, and the need for future cash contributions. The actual return on plan assets was 14.4% (2010: 14.3%).

The categories of the plan assets can be summarized as follows:

2011

(%)

2010

(%)

Equities

19

23

Fixed income

81

77

100

100

The movements in the present value of the defined benefit obligations can be summarized as follows:

2011

2010

Present value at January 1

83,344

69,115

Service cost

4,442

3,817

Interest cost

3,883

3,620

Actuarial (gains) / losses

-1,658

8,438

Benefits paid

-1,787

-1,646

Present value at December 31

88,224

83,344

The amounts recognized in the profit and loss account as net periodic pension cost are as follows:

2011

2010

Current service cost

4,817

4,597

Interest cost

3,883

3,620

Actuarial (gains) / losses

-

-428

Expected return on plan assets

-3,795

-3,520

4,905

4,269

Contribution by plan participants

-906

-860

Total annual expense

3,999

3,409

The movement in the liability recognized in the balance sheet is as follows:

2011

2010

Balance at January 1

16,704

18,545

Annual expense

3,999

3,409

Contributions paid

-4,092

-4,706

Other payments

-470

-544

Balance at December 31

16,141

16,704

The principal assumptions used for the purpose of the actuarial valuations at year-end were as follows:

2011

(%)

2010

(%)

Discount rate

4.5

4.5

Expected return on plan assets

4.9

5.0

Expected long-term wage inflation

2.0

2.0

Future pension increases

2.1

2.0

The assumption for future pension increases is based on all pension schemes included in FMO's pension liability.

Other provisions

The other provisions are provisions for severance arrangements. This provision is determined using present value calculations.

2011

2010

Balance at January 1

383

120

Addition

52

383

Release

-8

-74

Paid out

-375

-46

Balance at December 31

52

383

20. Shareholders’ equity

Share capital

The authorized capital amounts to €45,380, consisting of 51% A shares of €22.69 each, which can only be held by the State, and 49% B shares, also of €22.69 each, which can be held by private investors. The voting rights for A shares and B shares are equal. In addition, the equity of the company comprises of three reserves, which result from the Agreement State-FMO of November 16, 1998. These are the share premium reserve, the development fund and the contractual reserve. As long as the company continues its activities, these reserves are not available to the shareholders. Upon liquidation of FMO these reserves fall to the State, after settlement of the contractual return to the shareholders.

2011

2010

AUTHORIZED SHARE CAPITAL

1,020,000 A shares x €22.69

23,144

23,144

980,000 B shares x €22.69

22,236

22,236

Balance at December 31

45,380

45,380

ISSUED AND PAID-UP SHARE CAPITAL

204,000 A shares x €22.69

4,629

4,629

196,000 B shares x €22.69

4,447

4,447

Balance at December 31

9,076

9,076

Share premium reserve

2011

2010

Share premium reserve shareholder A, contributed on the transfer to the company of investments administered on behalf of the State at the time of the financial restructuring

8,061

8,061

Share premium reserve shareholder B, contributed on the transfer to the company of investments administered on behalf of the State on the financial restructuring

21,211

21,211

Balance at December 31

29,272

29,272

Other reserves

Dividend distributed in 2011 to shareholders of A shares and B shares was equal and amounted to €4.66 (2010: €3.81) per share.

Contractual reserve

The addition relates to that part of the annual profit that FMO is obliged to reserve under the Agreement State-FMO of November 16, 1998 (see 'other information').

Development fund

This special purpose reserve contains the allocation of risk capital provided by the State to finance the portfolio of loans and equity investments. In 2005, FMO received the final contribution (€37,260) to the development fund under the Agreement State-FMO of November 16, 1998.

Available for sale reserve

Equity

investments

Interest-

bearing

securities

Total

available

for sale reserve

Balance at January 1, 2010

46,494

7,194

53,688

Fair value changes

54,591

3,960

58,551

Foreign exchange differences

18,436

-

18,436

Transfers due to sale

-15,963

-853

-16,816

Transfers due to impairment

5,031

-

5,031

Tax effect

-

-793

-793

Balance at December 31, 2010

108,589

9,508

118,097

Fair value changes

60,201

5,241

65,442

Foreign exchange differences

12,224

-

12,224

Transfers due to sale

-22,103

-

-22,103

Transfers due to impairment

3,786

-

3,786

Tax effect

-

-1,245

-1,245

Balance at December 31, 2011

162,697

13,504

176,201

Included in the available for sale reserve is an amount of €10,136 (2010: €178) for fair value changes in equity investments that were previously impaired.

Translation reserve

2011

2010

Balance at January 1

2,295

552

Change

1,209

1,565

Release due to sale

-

178

Balance at December 31

3,504

2,295

Non-controlling interests

Blauser S.A.

2011

2010

Balance at January 1

174

-

Acquisition by third party of non-controlling share

-13

8

Share in net profit

289

166

Currency translation movement

-29

-

Balance at December 31

421

174

30. Income taxes

Income tax by type

2011

2010

Current income taxes

-23,847

-24,872

Deferred income taxes

-515

-278

Total income tax

-24,362

-25,150

The reconciliation of the statutory income tax rate to the effective income tax rate is as follows:

2011

2010

Profit before taxation

117,753

151,371

Income taxes at statutory rate of 25.0% (2010: 25.5%)

-29,438

-38,600

Increase/decrease resulting from:

  • Settlement with local withholding taxes

1,434

1,147

  • Non-taxable income and expense (participation exemption facility)

3,867

11,702

  • Tax adjustments to prior periods

-52

615

  • Other

-173

-14

Income tax

-24,362

-25,150

Effective income tax rate

20.7%

16.6%

Current income tax receivables

The company paid €28,246 (2010: €2,525) to tax authorities. The remaining current income tax receivables amount to €4,560 (2010: €8). Per year-end 2011 there were no unused tax losses and unused tax credits amount to €496 (2010: €849).

Deferred tax

FMO's deferred income tax assets and liabilities are summarized as follows:

2011

2010

Deferred tax assets

Pension provision

3,204

3,371

Depreciation fixed assets

478

826

Total deferred tax assets

3,682

4,197

Deferred tax liabilities

Fair value measurement of interest-bearing securities

-4,501

-3,256

Total deferred tax liabilities

-4,501

-3,256

Net balance at December 31

-819

941

31. Commitments and contingent liabilities

The company issued guarantees regarding principal and interest repayments for a number of projects. The nominal amount of the guarantees is valued at the exchange rate as per December 31, 2011 and December 31, 2010.

2011

2010

Contingent liabilities

Effective guarantees issued

129,489

143,202

Less: provisions, amortized costs and obligations for guarantees (presented under other liabilities)

-14,188

-28,376

Total contingent liabilities

115,301

114,826

Effective guarantees received

-97,407

-59,964

Total net contingent liabilities

17,894

54,862


Of the liabilities for guarantees €0 (2010: €0) is covered by a counter guarantee of the State.

2011

2010

Irrevocable facilities

Contractual commitments for disbursements of:

  • Loans

738,348

646,137

  • Equity investments

380,468

408,916

  • Contractual commitments for guarantees

69,940

81,865

Total irrevocable facilities

1,188,756

1,136,918