Notes to Consolidated Financial Statements continued Thousands of Georgian Lari 27. Risk Management continued Liquidity risk and funding management The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted repayment obligations. Repayments which are subject to notice are treated as if notice were to be given immediately. However, the Group expects that many customers will not request repayment on the earliest date the Bank could be required to pay and the table does not reflect the expected cash flows indicated by the Bank’s deposit retention history. Financial liabilities Less than 3 to 12 1 to 5 Over As at 31 December 2018 3 months months years 5 years Total Client deposits and notes 3,065,380 4,387,742 765,295 79,108 8,297,525 Amounts owed to credit institutions 1,387,394 279,572 1,393,853 302,379 3,363,198 Debt securities issued 61,921 368,823 1,651,868 – 2,082,612 Derivative financial liabilities 10,574 995 – – 11,569 Other liabilities 45,422 18,510 – – 63,932 Total undiscounted financial liabilities 4,570,691 5,055,642 3,811,016 381,487 13,818,836 Financial liabilities Less than 3 to 12 1 to 5 Over As at 31 December 2017 3 months months years 5 years Total Client deposits and notes 2,566,259 3,571,233 624,661 65,597 6,827,750 Amounts owed to credit institutions 1,319,622 566,406 1,084,701 756,014 3,726,743 Debt securities issued 42,908 173,476 1,058,146 951,146 2,225,676 Derivative financial liabilities 3,139 809 – – 3,948 Other liabilities 47,263 35,177 41,528 16 123,984 Total undiscounted financial liabilities 3,979,191 4,347,101 2,809,036 1,772,773 12,908,101 Financial liabilities Less than 3 to 12 1 to 5 Over As at 31 December 2016 3 months months years 5 years Total Client deposits and notes 1,892,485 3,066,596 503,357 49,205 5,511,643 Amounts owed to credit institutions 1,745,625 578,801 1,173,071 451,051 3,948,548 Debt securities issued 91,251 127,073 493,251 947,050 1,658,625 Derivative financial liabilities 2,188 6,589 634 – 9,411 Other liabilities 68,780 108,734 23,519 22 201,055 Total undiscounted financial liabilities 3,800,329 3,887,793 2,193,832 1,447,328 11,329,282 The table below shows the contractual expiry by maturity of the Group’s financial commitments and contingencies. Less than 3 to 12 1 to Over 3 months months 5 years 5 years Total 31 December 2018 423,888 337,540 616,532 96,977 1,474,937 31 December 2017 396,907 194,430 326,812 110,425 1,028,574 31 December 2016 401,159 230,831 303,451 41,966 977,407 The Group expects that not all of the contingent liabilities or commitments will be drawn before expiry of the commitments. The maturity analysis does not reflect the historical stability of current accounts. Their liquidation has historically taken place over a longer period than indicated in the tables above. These balances are included in amounts due in less than three months in the tables above. Included in client deposits and notes are term deposits of individuals. In accordance with the Georgian legislation, the Bank is obliged to repay such deposits upon demand of a depositor (Note 16). 266 Annual Report 2018Bank of Georgia Group PLC