Guarantees
Bank guarantees
The Group and Company have issued bank guarantees totalling £35 million (2014: £34 million) and £35 million (2014: £33 million) respectively.
Pensions and perpetual preferred securities
The Group and the Company have provided collaterals on certain payments to the Company’s pension scheme, APS, triggered in the event of BA’s
insolvency, which at 31 December 2015 amounted to £250 million (2014: £250 million). In addition, a guarantee amounting to £230 million (2014: £230
million) secured by certain aircraft (see note 12) was issued by a third party in favour of APS which is also triggered in the event of insolvency.
The Company has also issued guarantees in respect of the fixed perpetual preferred securities issued by a subsidiary undertaking which amounted to
£219 million (2014: £236 million) and in relation to statutory audit exemptions that certain subsidiary companies are taking. See note 30 for details of
the guarantee provided in respect of the fixed perpetual securities and note 35 in respect of the audit exemption guarantee.