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

in thousands of EUR

2018

2017

Premium on investments in interest bearing securities

26,568

33,509

Interest receivable

31,795

33,912

Deferred taxes

10,795

11,054

Derivatives

5,232

14,478

Other prepayments and accrued income

45,046

49,653

Balance sheet value as at 31 December

119,436

142,606

The deferred tax asset relates for an amount of EUR 7.7 million (2017: EUR 7.6 million) to tax losses incurred by the German branch for which it is expected that these will be fully recovered against future profits. Compensation is expected in the coming years. 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.

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

 

Notional amount

Fair value

2018

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

29,964

16,204

13,760

1,356

Non deliverable forwards

54,740

11,671

43,069

3,908

Swap

1,252

873

379

–32

Total derivatives

85,956

28,748

57,208

5,232

 

Notional amount

Fair value

2017

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 derivatives

484,124

396,654

80,839

6,631

14,478

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.