Annual report 2004 (PDF, 4141 kB) - Unicredit Bank
Annual report 2004 (PDF, 4141 kB) - Unicredit Bank
Annual report 2004 (PDF, 4141 kB) - Unicredit Bank
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13 LIABILITIES FROM DEBT SECURITIES<br />
31 December <strong>2004</strong><br />
CZK m<br />
31 December 2003<br />
CZK m<br />
Mortgage backed securities 737 746<br />
Promissory notes and bills of exchange 1 725 2 667<br />
Bonds 192 0<br />
Debt securities sold not yet purchased<br />
(i.e. short sales) 0 751<br />
2 654 4 164<br />
14 SUBORDINATED DEBT<br />
On 29 December <strong>2004</strong> the <strong>Bank</strong> repaid a subordinated debt of CZK 1 billion from parent<br />
company UCI, and the same day received a subordinated debt from parent company UCI in the<br />
same amount. The subordinated debt bears interest at the Prague Interbank Offered Rate<br />
(“PRIBOR”) plus a margin of 60 basis points until 29 December 2009 and 120 basis points<br />
thereafter. The interest is payable quarterly in arrears. The principal is repayable<br />
by 29 December 2014, with no repayment being possible before 29 December 2009 and<br />
without the consent of the CNB. The debt, which is unsecured, is subordinated to all other<br />
liabilities of the <strong>Bank</strong> and forms a part of the tier two capital of the <strong>Bank</strong> as defined<br />
by the CNB for the purposes of determination of its capital adequacy.<br />
15 OTHER LIABILITIES<br />
31 December <strong>2004</strong><br />
CZK m<br />
31 December 2003<br />
CZK m<br />
Payables from unsettled securities transactions 0 12<br />
Settlement clearance accounts 731 767<br />
Derivative financial instruments (Note 26(d)) 256 201<br />
Current income tax liability 24 139<br />
Social fund 2 2<br />
1 013 1 121<br />
The item Derivative financial instruments as at 31 December <strong>2004</strong> includes balances with<br />
related parties of CZK 23 million (31 December 2003: CZK 18 million).<br />
40