Econocom - 2019 Universal registration document

247 2019 annual report 06 consolidated financial statements notes to the consolidated financial statements The Group's off-balance sheet commitments can be analysed as follows by maturity and type of commitment: in € ڳ millions Less than 1 ژ year 1-5 ژ years Beyond 5 ژ years At 31 ژ December 2019 At 31 ژ December 2018 Commitments given ژ 66.8 ژ 438.5 ژ 239.7 ژ 745.0 646.8 Commitments given to banks ژ 32.3 ژ 317.7 - ژ ژ 350.0 300.7 Commitments given to refinancers - ژ ژ 34.6 ژ 239.1 ژ 273.7 254.7 Commitments given to customers and suppliers ژ 34.5 ژ 85.1 ژ 0.5 ژ 120.1 90.3 Other guarantees - ژ ژ 1.1 ژ 0.1 ژ 1.2 1.1 Commitments received ژ 0.6 ژ 1.0 - ژ ژ 1.6 2.1 Guarantees and pledges ژ 0.6 ژ 1.0 - ژ ژ 1.6 2.1 Information on the transfer 21. of financial assets Derecognition of 21.1. financial assets and liabilities The Group derecognises all or part of a financial asset (or group of similar assets) when the contractual rights to the cash flows on the asset expire or when the Group has transferred the contractual rights to receive the cash flows of the financial asset and substantially all the risks and rewards of owning the asset. The Group only derecognises all or part of a financial liability when it is extinguished, i.e., when the obligation specified in the contract is discharged, cancelled or expires. Transfer of cash flows only When the Group has transferred the cash flows of a financial asset but has neither transferred nor retained substantially all the risks and rewards of its ownership and has not retained control of the financial asset, the Group derecognises it and recognises separately as assets or liabilities any rights and obligations created or retained in the transfer. Retaining substantially all the risks and rewards of ownership of a divested financial asset If the Group has retained substantially all the risks and rewards of ownership of a divested financial asset, it continues to recognise the financial asset in its entirety in addition to recognising the consideration received as a secured borrowing. Retaining control of a financial asset If the Group has retained control of a financial asset, it continues to recognise it on the statement of financial position to the extent of its continuing involvement in that asset. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the divested asset, it recognises the part it has retained in the asset and an associated liability for the amounts it is required to pay.