7.3.1.3. CREDIT RISK RELATED TO DERIVATIVE TRANSACTIONS

Transactions in financial derivatives are executed with most reputable banks with high credit ratings. The Group has also concluded either Framework Agreements or ISDA Agreements with each of their relationship banks, stipulating detailed terms of service and limits of maximum exposure arising from the fair value of derivatives. The Group believes that all the measures described above protect it against any material credit-risk-related losses.

The relationship banks’ credit ratings are presented in Note 7.3.1.1.

As at December 31st 2019, the shares of the three counterparty banks which accounted for the largest proportion (in value terms) of transactions in derivative instruments with positive valuations were 47%, 22%, and 12% (2018: 38%, 15% and 10%).