Varma

30. Guarantees and liabilities, Parent Company
31 Dec., € million20132012
Contingent liabilities and liabilities not included in the balance sheet
Derivatives
Derivatives for hedging purposes
Currency derivatives
Forward contracts
Underlying instrument, absolute value3,137.5805.3
Underlying instrument, risk-adjusted value-2,953.6-776.5
Fair value-7.3-5.2
Currency swap contracts
Underlying instrument, absolute value10,245.58,129.5
Underlying instrument, risk-adjusted value-10,245.5-7,982.9
Fair value56.899.2
Other derivatives
Interest rate derivatives
Forward and futures contracts
Underlying instrument, absolute value818.219,409.5
Underlying instrument, risk-adjusted value-896.7-1,660.6
Fair value1.5-2.2
Option contracts
Bought
Underlying instrument, absolute value25,000.016,126.7
Underlying instrument, risk-adjusted value-6,849.9-4,610.7
Fair value-4.40.4
Sold
Underlying instrument, absolute value35,000.016,126.7
Underlying instrument, risk-adjusted value5,695.83,532.5
Fair value3.9-0.2
Credit risk derivatives
Underlying instrument, absolute value753.4
Underlying instrument, risk-adjusted value206.9
Fair value0.9
Interest rate swap contracts
Underlying instrument, absolute value64.8157.3
Underlying instrument, risk-adjusted value64.8157.3
Fair value0.20.3
Currency derivatives
Option contracts
Bought
Underlying instrument, absolute value438.11,592.7
Underlying instrument, risk-adjusted value260.2-414.9
Fair value-2.315.5
Sold
Underlying instrument, absolute value577.8678.5
Underlying instrument, risk-adjusted value-244.3-59.3
Fair value4.8-19.5
Forward and futures contracts
Underlying instrument, absolute value89.9
Underlying instrument, risk-adjusted value-22.4
Fair value0.6
Currency swap contracts
Underlying instrument, absolute value87.1145.2
Underlying instrument, risk-adjusted value-87.1-99.7
Fair value3.09.0
Equity derivatives
Forward and futures contracts
Underlying instrument, absolute value202.9127.4
Underlying instrument, risk-adjusted value202.9127.4
Fair value6.7-0.1
Option contracts
Bought
Underlying instrument, absolute value259.4534.7
Underlying instrument, risk-adjusted value24.025.9
Fair value-4.81.3
Sold
Underlying instrument, absolute value639.0579.7
Underlying instrument, risk-adjusted value-24.931.4
Fair value6.60.2
Other derivatives
Forward and futures contracts
Underlying instrument, absolute value506.6757.6
Underlying instrument, risk-adjusted value-16.0285.2
Fair value-0.32.7
Option contracts
Bought
Underlying instrument, absolute value15.420.5
Underlying instrument, risk-adjusted value1.73.5
Fair value-0.3-0.3
Sold
Underlying instrument, absolute value15.420.5
Underlying instrument, risk-adjusted value-4.5-9.0
Fair value1.01.0
Commodity swaps
Underlying instrument, absolute value217.5
Underlying instrument, risk-adjusted value217.5
Fair value0.6
TotalUnderlying instrument, absolute value77,315.365,965.2
Underlying instrument, risk-adjusted value-14,878.1-11,243.3
Fair value66.2103.0
The fair values of quoted derivatives have been calculated using the price quoted on the stock exchange. The fair values of other derivatives are based on calculations of market quotes or on estimates of the fair values presented by outside parties.