in thousands of EUR

2018

2017

On demand deposits with banks

164,867

162,720

Deposits with banks

70,393

51,032

Balance sheet value as at 31 December

235,260

213,752

An amount of EUR 19.7 million of the deposits is encumbered (2017: EUR 14.5 million). These are on demand deposits at Cecabank in the amount of EUR 1 million (2017: EUR 1 million), Caja de Ingenieros in the amount of EUR 0.5 Million (2017: nil), ING Bank EUR 13 million (2017: EUR 13 million), Banco Cooperativo EUR 4.6 (2017: nil) and Mastercard EUR 0.6 million (2017: EUR 0.5 million). All other deposits can be freely disposed of.