At 31 December 2021, the Group had a total of 44,715 thousand euros in economic or financial bank guarantees issued by various banks (34,052 thousand euros in 2020).
The increase in balance for bank bonds at 31 December 2021, compared to the balance at 31 December 2020, is mainly due to the issue of a bond as a rent guarantee for a new hotel in Denmark and those issued in favour of Social Security for the deferral of social security payments by several group companies applied for at the beginning of 2021.
Of the 44,715 thousand euros in bank guarantees, 38,300 thousand euros guarantee leasing contract obligations and others related to the Group’s usual operations in various countries, and 6,415 thousand euros issued in relation to public bodies.
At 31 December 2021, the Group had taken out insurance policies to cover risks arising from damage to material goods, loss of profits and third-party liability. The capital insured sufficiently covers the assets and risks mentioned above.