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ANNUAL REPORT 2014

Contingencies

        Finnvera Group Finnvera plc
(EUR 1,000)       31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Contingencies              
Commitments for domestic guarantees *) 987,561 1,046,853 987,561 1,046,853
Commitments for export credit guarantees and special guarantees **) 12,600,433 11,003,537 12,600,433 11,003,537
Binding financing offers ***) 3,090,405 2,171,239 182,497 187,576
Total       16,678,398 14,221,629 13,770,490 12,237,966
*) 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.
**) Commitments for export credit guarantees and special guarantees mean commitments referred to in the Act on the State Guarantee Fund (18.6.1998/444). The commitments are presented as total outstanding commitments, which includes both current commitments and offers given.
        Finnvera Group Finnvera plc
(EUR 1,000)       31 Dec 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Current commitments 12,049,578 9,918,963 12,049,578 9,918,963
- For export credit guarantees 11,890,141 9,741,204 11,890,141 9,741,204
- For special guarantees 159,437 177,759 159,437 177,759
Offers given 550,854 1,084,574 550,854 1,084,574
- For export credit guarantees 550,854 1,084,574 550,854 1,084,574
- For special guarantees 0 0 0 0
Total       12,600,433 11,003,537 12,600,433 11,003,537
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 2014 31 Dec 2013 31 Dec 2014 31 Dec 2013
Liability according to the Act on the State's Export Credit Guarantees 10,754,962 9,760,786 10,754,962 9,760,786
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.

***) The parent company’s binding financing offers consist of irrevocable financing pledges given for the client in accordance with the Act on Credits and Guarantees provided by the State-owned specialised financing company. The pledge may be either a pledge to grant a credit or a guarantee, given for a third party, concerning a non-disbursed credit. The figure for the Group also includes the unused credit arrangements for export credits granted by Finnish Export Credit Ltd.

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