Contingent liabilities
               
The presentation method of contingent liabilities has been changed from the previous year, and the information of the comparison year has been adjusted to correspond with the new presentation method. In the first table, the commitments have been categorised according to their contractual stage. In the latter table, the commitments have been broken down from the figures of the first table by business area and contractual stage.
               
  Finnvera Group Finnvera plc
        31 Dec 2017 31 Dec 2016 31 Dec 2017 31 Dec 2016
Contingent liabilities according to the status of commitments:        
Current drawn commitments (A+D+F+H) 5,476,886 5,937,826 10,234,559 10,720,038
Current undrawn commitments (B+E+G+I) 9,967,521 5,858,613 9,967,521 5,858,613
Offers given (C+J+K) 3,563,686 3,050,563 3,563,686 3,050,563
Contingent liabilities, total1 19,008,094 14,847,002 23,765,767 19,629,214
               
- 1The presentation method of contingent liabilities has been changed from the previous year, and the information of the comparison year has been adjusted to correspond with the new presentation method. In the 2016 financial statements, the Group’s contingent liabilities have been presented without intra-group eliminations, totalling EUR 23,488,477 thousand. In the earlier presentation method, the Group’s figures included the following items
-The parent company’s item F: the parent company’s export credit guarantees that correspond to the subsidiary’s drawn export credits (drawn loans are included in loan receivables in the consolidated balance sheet) and
- The parent company’s item G: the parent company’s export credit guarantees that correspond to the subsidiary’s undrawn export credits (credit commitments). The figure G for the Finnvera Group shows the subsidiary’s undrawn export credits (credit commitments).
In 2017 the comparative figure has thus been adjusted by eliminating the Parent company's items F and G ( the parent company’s export credit guarantees that correspond to the subsidiary’s drawn and undrawn export credits), totaling EUR 8 641 475 thousand. Therefore the Finnvera Group comparative figure is EUR 14 847 002 thousand.
         
Contingent liabilities by business area        
Domestic operations        
A) Valid guarantees 1,097,846 1,060,984 1,097,846 1,060,984
B) Binding credit commitments 29,921 40,211 29,921 40,211
C) Guarantee offers 75,782 101,844 75,782 101,844
Domestic operations, total 1,203,549 1,203,039 1,203,549 1,203,039
Export credit guarantees, special guarantees and export credit commitments        
Current commitments (drawn and undrawn)        
D) Drawn export guarantees, not included export loans 4,275,153 4,712,154 4,275,153 4,712,154
E) Undrawn export guarantees, not included export loans 2,191,879 1,959,140 2,191,879 1,959,140
F) Export guarantees of the parent company on behalf of the subsidiary's2 granted and drawn export credits 0 0 4,757,673 4,782,212
G) The Group: undrawn export credits granted by the subsidiary (credit commitments); in the parent company, the export credit guarantees for the subsidiary’s export credits in question2 7,745,721 3,859,263 7,745,721 3,859,263
H) Drawn special guarantees 103,887 164,688 103,887 164,688
I) Undrawn special guarantees 0     0
Offers given        
J) Export credit guarantees 3,487,905 2,948,719 3,487,905 2,948,719
K) Special guarantees 0 0 0 0
Export credit guarantees, special guarantees and export credit commitments, total 3 17,804,544 13,643,963 22,562,218 18,426,175
Contingent liabilities, total1 19,008,094 14,847,002 23,765,767 19,629,214
               
2 Subsidiary mentioned is Finnish Export Credit Ltd (FEC)
A) Commitments for domestic guarantees mean commitments referred to in §4 and §4a of the Act on Credits and Guarantees Provided by the State-owned Specialised Financing Company (18.6.1998/445). These commitments are current commitments.
F) Is not included in the Group's figure as the item consists of the parent company's guarantees for drawn export credit granted by Finnish Export Credit Ltd that are inlcuded in the consolidated balance sheet.
G) Credit commitments given by the subsidiary always involve an export credit guarantee granted by the parent company. The figure for the Group includes the unused credit arrangements (credit commitments) for export credits granted by Finnish Export Ltd. The figure for the parent company consists of export credit guarantees that cover the credit risk for the credit commitments presented in the figure for the Group (liability for compensations to the subsidiary).
3 Commitments for export credit guarantees and special guarantees are as referred to in the Act on the State Guarantee Fund (18.6.1998/444). Total export credit guarantees and special guarantees are EUR 22,562,218 (18,426,175) thousand of which drawn export credit guarantees are EUR 9,136,713 (9,659,054) thousand.
 
Liability for export credit guarantees calculated according to the Act on the State’s Export Credit Guarantees:
  Finnvera Group Finnvera plc
(EUR 1,000) 31 Dec 2017 31 Dec 2016 31 Dec 2017 31 Dec 2016
Liability according to the Act on the State's Export Credit Guarantees 18,690,750 14,441,826 18,690,750 14,441,826
               
The total commitments of Finnvera’s export credit guarantees and hedging arrangements may amount to EUR 27 billion at the maximum.
The liability calculated according to the Act on the State’s Export Credit Guarantees only includes the liability endorsed on the basis of the Act. It
consists of the current commitments (only principal) and half of the liability stemming from the offers given. Items in foreign currencies are
converted to euros using the exchange rate on the date when the commitment was given.