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

in thousands of EUR

2018

2017

Discount on investments

664

872

Interest payable

6,839

8,359

Deferred taxes

8,563

6,228

Derivatives

4,799

13,437

Other accruals and deferred income

49,823

47,387

Balance sheet value as at 31 December

70,688

76,283

The deferred tax liability relates for an amount of EUR 1.7 million to a taxable temporary difference following the tax losses incurred by the German branch over the period 2009 – 2011 amounting to EUR 8.1 million which have been offset against taxable income in the Triodos Dutch corporate income tax return over the same period. The Dutch corporate income tax act 1969 allowed income tax deduction on losses incurred by foreign branches of a Dutch resident taxpayer in so far that these tax losses could not be recovered in the country of residence till 2011. This Dutch income tax deduction is subsequently reversed when the branch recovers profitability and the incurred tax losses are offset in the local income tax return, resulting in a taxable temporary difference. Under the German corporate income tax code tax losses have no expiration date.

The deferred tax item further relates to temporary differences between the carrying amounts of intangible fixed assets for financial reporting purposes and the amounts used for taxation purposes. The remaining duration is one to four years.

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

 

Notional amount

Fair value

2018
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

29,964

16,204

13,760

1,250

Non deliverable forwards

54,740

11,671

43,069

3,587

Swap

1,252

873

379

–38

Total derivatives

85,956

28,748

57,208

4,799

 

Notional amount

Fair value

2017
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

373,338

344,478

23,862

4,998

8,360

Non deliverable forwards

64,733

7,317

55,783

1,633

3,209

Swap

46,076

44,881

1,195

1,868

Total derivatives

484,147

396,676

80,840

6,631

13,437

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. The decline of the nominal amount from 2017 to 2018 relates to the fact that at the end of 2017 Triodos Bank stopped entering into new currency contracts with Triodos Investment Management because of new regulation.