52. Offsetting financial assets and liabilities

A financial asset and a financial liability are offset only when the Group has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis or to realise the asset and settle the liability simultaneously. It follows from the provisions of paragraph 42 of IAS 32 that, amongst others, in order for offsetting to be possible, a legal right may not be conditioned on the occurrence of a specific future event.

The Group enters into offsetting arrangements, i.e. International Swaps and Derivatives Association Master Agreements (ISDA) and Global Master Repurchase Agreements (GMRA), which make it possible to offset financial assets and liabilities (the so-called close out netting) in the event of an infringement with respect to one of the parties to the agreement. These agreements are of particular importance to mitigating the risk posed by derivative instruments, because they enable both matured liabilities (mitigating the settlement risk) and non-matured liabilities of the parties (mitigating the pre-settlement risk). However, these agreements do not meet the requirements set out in IAS 32 because the right to offset the amounts is conditioned on the occurrence of a specific future event (instances of infringement).

Additional collateral for exposures, resulting from derivative instruments are collateral deposits escrowed by counterparties as a part of CSA agreement (Credit Support Annex).

31.12.2015 Total Financial assets Derivatives Receivable due from repurchase agreement
The amount of recognised financial assets (gross) 9 767 054 4 354 185 5 412 869
The amount of financial liabilities, which are offset in accordance with the criteria set out in § 42 of IAS 32 (gross) (6 916) (6 916) -
The value of financial assets recognised in the statement of financial position (net) 9 760 138 4 347 269 5 412 869
The value of financial instruments not subject to offsetting in the financial statements 3 631 779 3 631 779 -
The value of financial liabilities subject to enforceable framework agreement or similar agreement concerning offsetting (excluding financial guarantees) 2 794 948 2 794 948 -
Guarantee in cash and in the form of securities received 836 831 836 831 -
The net amount 6 128 359 715 490 5 412 869

31.12.2015 Total Financial assets Derivatives Receivable due from repurchase agreement
The amount of recognised financial liabilities (gross) 5 657 820 4 631 683 1 026 137
The amount of financial assets, which are offset in accordance with the criteria set out in § 42 of IAS 32 (gross) (6 916) (6 916) -
The value of financial liabilities recognised in the statement of financial position (net) 5 650 904 4 624 767 1 026 137
The value of financial instruments not subject to offsetting in the financial statements 4 072 660 4 048 592 24 068
The value of financial assets subject to enforceable framework agreement or similar agreement concerning offsetting (excluding financial guarantees) 2 794 948 2 794 948 -
Guarantee in cash and in the form of securities received 1 277 712 1 253 644 24 068
The net amount 1 578 244 576 175 1 002 069

31.12.2014 Total Financial assets Derivatives Receivable due from repurchase agreement
The amount of recognised financial assets (gross) 5 814 597 5 503 745 310 852
The amount of financial liabilities, which are offset in accordance with the criteria set out in § 42 of IAS 32 (gross) (8 923) (8 923) -
The value of financial assets recognised in the statement of financial position (net) 5 805 674 5 494 822 310 852
The value of financial instruments not subject to offsetting in the financial statements 4 875 714 4 875 714 -
The value of financial liabilities subject to enforceable framework agreement or similar agreement concerning offsetting (excluding financial guarantees) 4 094 094 4 094 094 -
Guarantee in cash and in the form of securities received 781 620 781 620 -
The net amount 929 960 619 108 310 852

31.12.2014 Total Financial assets Derivatives Receivable due from repurchase agreement
The amount of recognised financial liabilities (gross) 6 709 718 5 554 064 1 155 654
The amount of financial assets, which are offset in accordance with the criteria set out in § 42 of IAS 32 (gross) (8 923) (8 923) -
The value of financial liabilities recognised in the statement of financial position (net) 6 700 795 5 545 141 1 155 654
The value of financial instruments not subject to offsetting in the financial statements 5 262 583 5 257 067 5 516
The value of financial assets subject to enforceable framework agreement or similar agreement concerning offsetting (excluding financial guarantees) 4 094 094 4 094 094 -
Guarantee in cash and in the form of securities received 1 168 489 1 162 973 5 516
The net amount 1 438 212 288 074 1 150 138