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11. Prepayments and Accrued Income

The balance sheet value of the prepayments and accrued income as at 31 December can be broken down as follows:

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in thousands of EUR

2017

2016

 

 

 

 

 

 

Premium on investments in interest bearing securities

33,509

39,603

Interest receivable

33,912

37,449

Deferred taxes

11,054

9,653

Derivatives

14,478

35,747

Other prepayments and accrued income

49,653

29,897

 

 

 

 

 

 

Balance sheet value as at 31 December

142,606

152,349

 

 

 

The deferred tax asset relates for an amount of EUR 7.6 million (2016: EUR 7.3 million) to tax losses incurred by the German branch for which it is expected that these will be fully recovered against future profits. No compensation is expected for 2017, but for the years thereafter. Under the German corporate income tax code tax losses have no expiration date. The remaining deferred tax asset relates to temporary differences because of differences between accounting rules and tax rules.

An increase of EUR 20 million of other prepayments and accrued income relates to mortgages in The Netherlands. This sum was paid to the notary before the year end on concluding a number of mortgages, but before the mortgages could be distributed on to the relevant customers.

Breakdown of derivatives by remaining term to maturity and fair value:

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Notional amount

Fair value

2017
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

373,316

344,456

23,862

4,998

8,888

Non deliverable forwards

64,732

7,317

55,782

1,633

3,578

Swap

46,076

44,881

1,195

2,012

 

 

 

 

 

 

 

 

 

 

 

 

Total derivates

484,124

396,654

80,839

6,631

14,478

 

 

 

 

 

 

Download XLS

 

 

 

 

 

 

 

Notional amount

Fair value

2016
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

273,638

234,566

33,367

5,705

18,671

Non deliverable forwards

63,502

16,961

41,309

5,232

7,932

Swap

144,411

90,803

53,608

9,144

 

 

 

 

 

 

 

 

 

 

 

 

Total derivates

481,551

342,330

128,284

10,937

35,747

 

 

 

 

 

 

Triodos Bank entered into currency contracts with Triodos Investment Management in order to manage the currency risk of the investment funds. Triodos Bank hedges these positions directly in the market. Therefore the long and short position are almost the same.