Annual Report 2008. - Hitelgarancia Zrt.

Breakdown by maturityThe share, in terms of number and amount, of guarantees of up to one year– which predominated within overall surety undertakings – was similar to theprevious year’s level.Share of total number of contracts (%)Although guarantee assumption increased in every durationcategory, growth was most pronounced with regardto guarantees of up to one year and among long-termguarantees of more than six years’ duration.4% 6%14%Short-term guarantees accounted for the bulk of new commitments, andthe impact of demand for card-based credit products continues to be strongamong these. The combined value of guarantees in the case of the latter typeof transactions was HUF 38 billion. At the same time, the combined shareof guarantees of more than one year’s duration increased, attributable to thedynamic growth in the volume of guarantees of more than six years’ duration,and in no small part impacted by municipality bond issues of up to 25 years’maturity.Sectoral characteristics of surety undertakings76%Up to 1 year2-3 years4-6 yearsMore than 6 yearsAs regards the sectoral composition of surety undertakings, the great majorityof guarantees – as far as transactions with budgetary counter-guaranteesare concerned – are concentrated in sectors of the economy thataccount for most of the demand for the Széchenyi Card (trade, services,construction). These sectors are the most susceptible to fluctuations indemand resulting from the economic crisis.9