Operating and Financial Results

Gross claims and liabilities with individual counterparties under CCP currency transactions are offset in accordance with IAS 32.

Direct and reverse repo transactions with individual counterparties are subject to clearing rules that create a contingent right of set-off that does not qualify for offsetting.

Clearing participants are required to deposit collateral in the form of cash or securities for current deals and make contribution to a risk-covering fund, as described in Note 34. Clearing rules give the Group right to use these amounts under certain conditions (e.g. in case of default).

The table below shows financial assets and liabilities offset in the statement of financial position, as well as the effect of clearing agreements that do not result in an offset in the statement of financial position:
December 31, 2014 Related amounts not set off in the statement of the financial position
Gross claims Gross liabilities Net amount presented in financial statements Financial instruments Cash collateral received Net amount
Central counterparty financial assets (repo transactions) 104 401 146 - 104 401 146 (104 401 146) - -
Central counterparty financial assets (currency transactions) 55 522 604 (20 313 976) 35 208 628 - (35 208 628) -
Central counterparty financial liabilities (repo transactions) - (104 401 146) (104 401 146) 104 401 146 - -
Central counterparty financial liabilities (currency transactions) 6 103 596 (41 312 224) (35 208 628) - - (35 208 628)
December 31, 2013 Related amounts not set off in the statement of the financial position
Gross claims Gross liabilities Net amount presented in financial statements Financial instruments Cash collateral received Net amount
Central counterparty financial assets (repo transactions) 44 706 755 - 44 706 755 (44 706 755) - -
Central counterparty financial assets (currency transactions) 2 607 544 (305 763) 2 301 781 - (2 301 781) -
Central counterparty financial liabilities (repo transactions) - (44 706 755) (44 706 755) 44 706 755 - -
Central counterparty financial liabilities (currency transactions) 345 871 (2 647 652) (2 301 781) - - (2 301 781)
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