36. Transferred financial assets and assets held or pledged as collateral
The following note provides a summary of financial assets which have been transferred in such a way that part or all of the transferred financial assets do not qualify for derecognition.
The table below shows the amount of operations under sale and repurchase agreements which the Group enters into in the normal course of business.
| In billions of Russian Roubles | 2012 | 2011 | ||||||
|---|---|---|---|---|---|---|---|---|
| Due to banks | Due to customers | Due to banks | Due to customers | |||||
| Assets pledged | Related liabilities | Assets pledged | Related liabilities | Assets pledged | Related liabilities | Assets pledged | Related liabilities | |
| Securities pledged under repurchase agreements | 919,2 | 845.9 | 30.5 | 23.8 | 254.7 | 232.9 | 46.1 | 38.1 |
| Securities of clients | 10.2 | 8.8 | 17.6 | 11.9 | — | — | 5.1 | 3.9 |
| Total | 929.4 | 854.7 | 48.1 | 35.7 | 254.7 | 232.9 | 51.2 | 42.0 |
Refer to for detailed information on types of securities pledged under repurchase agreements.
Assets pledged and restricted
As at 31 December 2012 the Group has pledged loans to corporate customers with the Bank of Russia as collateral against interbank borrowings to support its everyday operations in terms of liquidity for the amount of 223.2 billion RUB. Funds attracted amounted to 168.5 billion RUB (2011: nil).
As at 31 December 2012 the Group has pledged loans to corporate customers with the KfW as collateral against interbank borrowings for the amount of 1.6 billion RUB. Funds attracted amounted to 2.2 billion RUB (2011: nil).
As at 31 December 2012 the Group has pledged Eurobonds of the Russian Federation for the amount of 20.0 billion RUB as collateral against interbank borrowings for the amount of 17.6 billion RUB from European Investment Bank (2011: nil).
As at 31 December 2012 the Group has pledged collateral and guarantees against loans received for the amount of 17.7 billion RUB as well as a 50.029% share in OJSC Krasnaya Polyana as collateral against loans received from GK Vneshekonombank.
As at 31 December 2012 the Group has also pledged federal loan bonds (OFZ bonds) and Eurobonds of the Russian Federation on the special accounts with the Bank of Russia as collateral against overnight interbank borrowings that the Group attracts on a regular basis from the Bank of Russia. The carrying value of assets pledged is as follows:
| In billions of Russian Roubles | Notes | 2012 | 2011 |
|---|---|---|---|
| Trading securities | 8 | ||
| 5.4 | 15.8 | |
| Securities designated at fair value through profit or loss | 9 | ||
| 8.3 | 28.6 | |
| Investment securities available for sale | 12 | ||
| 142.5 | 203.9 | |
| 56.8 | — | |
| 2.5 | — | |
| Investment securities held to maturity | 13 | ||
| 11.3 | 36.7 | |
| Total | 226.8 | 285.0 |
Mandatory cash balances with the Bank of Russia in the amount of 211.2 billion RUB (2011: 101.2 billion RUB) represent mandatory reserve deposits, which are not available to finance the Group’s day-to-day operations.
The Group also enters into reverse sale and repo agreements. The summary of such operations is provided in the table below:
| In billions of Russian Roubles | 2012 | 2011 | ||
|---|---|---|---|---|
| Amount of loans granted under repo agreements | Fair value of securities received as collateral | Amount of loans granted under repo agreements | Fair value of securities received as collateral | |
| Cash and cash equivalents | 81.1 | 88.7 | 21.7 | 27.0 |
| Due from banks | 9.8 | 12.1 | — | — |
| Loans and advances to customers | 133.5 | 167.3 | 189.9 | 295.1 |
| Total | 244.4 | 268.1 | 211.6 | 322.1 |