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5. Interest-bearing Securities

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in thousands of EUR

2017

2016

 

 

 

 

 

 

Dutch Government bonds

82,500

104,800

Belgian Government bonds

240,600

260,600

Spanish Government bonds

184,950

301,100

United Kingdom Government bonds

104,380

91,035

Other bonds

788,785

961,251

 

 

 

 

 

 

Balance sheet value as at 31 December

1,401,215

1,718,786

 

 

 

The balance sheet value of interest bearing securities as at 31 December can be broken down as follows:

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2017

Issuer
in thousands of EUR

Listed

Non-listed

term of maturity less than a year

term of maturity more than a year

Of which Green bond1

 

 

 

 

 

 

1

These are Green/sustainable bonds of which the proceeds are invested by the issuer in areas such as sustainable energy, energy efficiency and microfinance.

 

 

 

 

 

 

Public sector entities

 

 

 

 

 

Belgium, government

240,600

15,000

225,600

Spain, government

184,950

98,000

86,950

Comunidad Autonoma de Madrid, Spain

121,265

24,290

96,975

United Kingdom, government

104,380

16,327

88,053

European Investment Bank

91,260

25,000

66,260

66,260

The Netherlands, government

82,500

13,000

69,500

Instituto de Crédito Official (government guaranteed), Spain

50,654

13,000

37,654

Region Wallonne, Belgium

40,000

43,000

23,000

60,000

Nordic Investment Bank, Finland

40,000

40,000

40,000

Junta de Castilla y Leon, Spain

21,266

10,500

10,766

Autonomous Community of Basque Country, Spain

20,150

4,100

16,050

Xunta de Galicia, Spain

13,000

3,000

10,000

Deutschsprachigen Gemeinschaft Belgiens, Belgium

20,000

20,000

Communauté Francaise de Belgique, Belgium

10,000

10,000

Provincie Vlaams-Brabant, Belgium

6,000

6,000

Brussels Region, Belgium

5,000

5,000

 

 

 

 

 

 

 

 

 

 

 

 

Total public sector entities

1,010,025

84,000

270,217

823,808

106,260

 

 

 

 

 

 

Non-public sector entities

 

 

 

 

 

Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden (FMO), The Netherlands

50,000

50,000

50,000

Landwirtschaftliche Rentenbank, Germany

50,000

50,000

50,000

NRW Bank (government guaranteed), Germany

39,560

19,560

20,000

39,560

ABN AMRO Bank N.V., The Netherlands

26,500

26,500

26,500

Coöperative Rabobank U.A., The Netherlands

25,000

25,000

25,000

Nederlandse Waterschapsbank, The Netherlands

22,000

10,000

12,000

12,000

Kreditanstalt für Wiederaufbau (government guaranteed), Germany

18,630

18,630

18,630

ING Bank N.V., The Netherlands

13,000

13,000

13,000

Bank Nederlandse Gemeenten (BNG), The Netherlands

6,000

6,000

Cofinimmo SA N.V., Belgium

5,000

5,000

5,000

Ethias Vie, Belgium

500

500

Société Régionale Wallonne du Transport (government guaranteed), Belgium

30,000

30,000

Aquafin NV, Belgium

16,000

2,000

14,000

16,000

Société Régionale Wallonne du Crédit Social (government guaranteed), Belgium

5,000

5,000

 

 

 

 

 

 

 

 

 

 

 

 

Total non-public sector entities

256,190

51,000

36,560

270,630

255,690

 

 

 

 

 

 

Total

1,266,215

135,000

306,777

1,094,438

361,950

 

 

 

 

 

 

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2016

Issuer
in thousands of EUR

Listed

Non-listed

term of maturity less than a year

term of maturity more than a year

Of which Green bond1

 

 

 

 

 

 

1

These are Green/sustainable bonds of which the proceeds are invested by the issuer in areas such as sustainable energy, energy efficiency and microfinance.

 

 

 

 

 

 

Public sector entities

 

 

 

 

 

Spain, government

301,100

66,100

235,000

Belgium, government

260,600

10,000

250,600

The Netherlands, government

104,800

22,300

82,500

Comunidad Autonoma de Madrid, Spain

92,240

3,675

88,565

European Investment Bank

91,716

91,716

66,716

United Kingdom, government

91,033

10,545

80,488

5,858

Instituto de Crédito Official (government guaranteed), Spain

84,384

68,500

15,884

25,000

Region Wallonne, Belgium

40,000

40,000

10,000

70,000

Nordic Investment Bank, Finland

40,000

40,000

40,000

Communauté Francaise de Belgique, Belgium

15,000

10,000

15,000

10,000

Xunta de Galicia, Spain

12,000

2,000

10,000

Junta de Castilla y Leon, Spain

10,000

10,000

Comunidad Autonoma de Aragon, Spain

7,300

7,300

Freistaat Bayern, Germany

3,300

3,300

Deutschsprachigen Gemeinschaft Belgiens, Belgium

20,000

20,000

Provincie Vlaams-Brabant, Belgium

6,000

6,000

Brussels Region, Belgium

5,000

5,000

 

 

 

 

 

 

 

 

 

 

 

 

Total public sector entities

1,153,473

81,000

218,720

1,015,753

137,574

 

 

 

 

 

 

Non-public sector entities

 

 

 

 

 

Nederlandse Financieringsmaatschappij voor Ontwikkelingslanden (FMO), The Netherlands

140,000

40,000

130,000

50,000

140,000

NRW Bank (government guaranteed), Germany

54,560

15,000

39,560

54,560

Landwirtschaftliche Rentenbank, Germany

50,000

50,000

50,000

Nederlandse Waterschapsbank, The Netherlands

26,895

26,895

12,000

ABN AMRO Bank N.V., The Netherlands

26,500

26,500

26,500

Coöperative Rabobank U.A., The Netherlands

25,000

25,000

25,000

Kreditanstalt für Wiederaufbau (government guaranteed), Germany

18,858

18,858

18,858

ING Bank N.V., The Netherlands

13,000

13,000

13,000

Investitionsbank Berlin, Germany

10,000

10,000

Bank Nederlandse Gemeenten (BNG), The Netherlands

6,000

6,000

Cofinimmo SA N.V., Belgium

5,000

5,000

5,000

Ethias Vie, Belgium

500

500

Société Régionale Wallonne du Transport (government guaranteed), Belgium

30,000

30,000

Aquafin NV, Belgium

18,000

2,000

16,000

18,000

Société Publique de Gestion de l’Eau SA, Belgium

15,000

15,000

Société Wallonne du Crédit Social (government guaranteed), Belgium

5,000

5,000

 

 

 

 

 

 

 

 

 

 

 

 

Total non-public sector entities

376,313

108,000

172,000

312,313

362,918

 

 

 

 

 

 

Total

1,529,786

189,000

390,720

1,328,066

500,492

 

 

 

 

 

 

Part of the value of securities is used as collateral for a possible debit balance, amounting to EUR 55.2 million at the Dutch Central Bank (2016: EUR 44.2 million) and EUR 0.0 million at a bank in The Netherlands (2016: EUR 22.8 million). The security for drawn loans amounts to EUR 6.0 million (2016: EUR 6.0 million) at a bank in Spain.

In connection with differences between the acquisition prices and redemption values, as at 31 December 2017 an amount of EUR 33.5 million (2016: EUR  39.6 million) has been included under Prepayments and accrued income and an amount of EUR 0.9 million (2016: EUR 1.0 million) has been included under Accruals and deferred income.

As part of the interest rate risk management Triodos Bank entered into interest rate swaps to hedge the interest risk on a fixed interest rate bonds. The critical terms of the interest rate swaps such as nominal amount, maturity date and interest payment dates fully match the terms of the respective bonds. The total notional value of these bonds is EUR 111.5 million which equals the notional value of the interest rate swaps (2016: EUR 42.0 million). The fair value of the interest rate swaps as at 31 December 2017 is EUR 450.4 thousand (2016: EUR 181.0 thousand). Triodos Bank applies cost price hedge accounting on these interest rate swaps and therefore the fair value is not recognised on the balance sheet.

The movement in interest-bearing securities is as follows:

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in thousands of EUR

2017

2016

 

 

 

 

 

 

Balance sheet value as at 1 January

1,718,786

1,689,968

Purchase

248,976

469,955

Repayments

–495,875

–400,362

Sale

–66,445

–27,000

Exchange rate results on foreign currencies

–4,227

–13,775

 

 

 

 

 

 

Balance sheet value as at 31 December

1,401,215

1,718,786