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PL
In 2016, neither PZU nor its subsidiaries granted a loan collateral or a guarantee – to one entity or its subsidiary in total – if the total value of existing collaterals or guarantees would be equal in value to at least 10% of the PZU equity, except for the transactions described below.
On 31 March 2016, PZU granted to its subsidiary (Alior Bank) a guarantee of unfunded insurance credit protection regarding the selected loan portfolio of Alior Bank. The unfunded credit protection mitigated Alior Bank's credit risk through imposing on PZU the commitment to pay a specified amount in the event of the default of the borrower or on the occurrence of other specified credit events.
The value of Alior Bank’s claims portfolio covered by the guarantee amounted to PLN 3,104 million. After applying a 10% deductible of Alior Bank and limiting PZU’s maximum amount of liability arising from a single credit claim to PLN 50 million, the guarantee granted by PZU amounted to PLN 2,549 million. On 1 July 2016, Alior Bank terminated the guarantee agreement.
