HSBC 2014 Annual Report Download - page 183
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HSBC BANK PLC
Notes on the Financial Statements (continued)
181
The group
At 31 December 2014
At 31 December 2013
Guarantees in
favour of third
parties
Guarantees by
the group in
favour of other
Group entities
Guarantees in
favour of third
parties
Guarantees by
the group in
favour of other
Group entities
£m
£m
£m
£m
Guarantee type
Financial guarantee contracts1
8,853
1,048
7,944
875
Credit-related substitutes2
3,467
84
2,929
98
Other guarantees
3,249
382
3,427
296
Total
15,569
1,514
14,300
1,269
The bank
At 31 December 2014
At 31 December 2013
Guarantees in
favour of third
parties
Guarantees by
the group in
favour of other
Group entities
Guarantees in
favour of third
parties
Guarantees by
the group in
favour of other
Group entities
£m
£m
£m
£m
Guarantee type
Financial guarantee contracts1
6,925
2,056
6,231
1,804
Credit-related substitutes2
1,911
76
1,139
192
Other guarantees
2,053
508
1,912
367
Total
10,889
2,640
9,282
2,363
1 Financial guarantees contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss incurred
because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. The
amounts in the above table are nominal principal amounts.
2 Credit related guarantees are contracts that have similar features to financial guarantee contracts but fail to meet the strict definition of a
financial guarantee contract under IAS 39.
The amounts disclosed in the above table reflect the group’s maximum exposure under a large number of individual
guarantee undertakings. The risks and exposures arising from guarantees are captured and managed in accordance with
the group’s overall credit risk management policies and procedures. Guarantees with terms of more than one year are
subject to the group’s annual credit review process.
Other commitments
In addition to the commitments disclosed above, at 31 December 2014 the group had capital commitments to purchase,
within one year, land and buildings and other fixed assets from a number of suppliers for a value of £8 million (2013: £14
million).
The group had no contingent liabilities or commitments in relation to joint ventures or associates, incurred jointly or
otherwise.