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Allianz Re Dublin - Announcements: Exemption EMIR

Information on the exemption of intra-group transactions from the margining obligation pursuant to the European Market Infrastructure Regulation (EMIR)

Publication according to Art. 11 para.14 EMIR and Art.20 Delegated Regulation (EU) 149/2013

1. Background

Pursuant to Regulation (EU) No 648/2012 ("EMIR"), counterparties are generally obliged to provide collateral for non-cleared OTC-derivatives.  Allianz Re Dublin dac and Allianz SE, its counterparty, have been granted exemptions from this obligation in accordance with Art. 11 para. 3 EMIR with respect to  intra-group transactions.  According to Art. 11 para. 14 EMIR, Art. 20 Delegated Regulation (EU) 149/2013, the following details on the exemptions obtained have to be published.

2. Affected counterparties

This publication relates to intra-group transactions between:

Allianz Re Dublin dac

Allianz House
Elmpark
Merrion Road
Dublin 4
Ireland

LEI-Code: 529900KDXMUUS7EMLI38

and its financial counterparty

Allianz SE

Königinstraße 28
80802 München
Germany

LEI-Code: 529900K9B0N5BT694847

3. Group structure

Allianz Re Dublin dac, a wholly owned subsidiary of Allianz Europe Limited, registered office at 6 St. Andrew Street, EC4A 3AE, London / United Kingdom, is a consolidated subsidiary of Allianz Group with Allianz SE the ultimate parent company with headquarters in Koeniginstrasse 28, 80802 Munich / Germany.  Further details on the group structure and the relationships between the counterparties are disclosed in the Allianz Group Annual Report and the Allianz Re Dublin dac Solvency and Financial Condition Report.

4. Type of exemption

The exemption of intra-group transactions from the margining requirements pursuant to Art.11 (3) EMIR covers intra-group derivative transactions and includes the exchange of the variation margin as well as the exchange of the initial margin.

5. Transaction volume

The exception for intra-group transactions from the margining obligation covers all OTC derivatives between Allianz Re Dublin dac on one hand and Allianz SE on the other hand.  The planned annual volume of FX derivative transactions amounts to approximately EUR 1.5bn nominal volume.  Please note that this is an estimate of the future notional per year and that the actual notional may differ.

 

Further information on the intra-group exemptions

Further information on intra-group exemptions of Allianz Group are available on the Allianz Group website: https://www.allianz.com/en/investor_relations/announcements/EMIR/

 

As of August 1, 2017