in thousands of EUR

2018

2017

Dutch Government bonds

69,500

82,500

Belgian Government bonds

225,600

240,600

Spanish Government bonds

86,950

184,950

United Kingdom Government bonds

87,044

104,380

Other bonds

763,218

788,785

Balance sheet value as at 31 December

1,232,312

1,401,215

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

 

2018

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

225,600

60,500

165,100

Comunidad Autonoma de Madrid, Spain

110,638

25,675

84,963

United Kingdom, government

87,044

15,361

71,683

Kingdom of Spain, government

86,950

18,000

68,950

The Netherlands, government

69,500

69,500

66,131

European Investment Bank

66,131

55,000

11,131

Autonomous Community of Basque Country, Spain

42,583

32,583

10,000

Region Wallonne, Belgium

40,000

20,000

60,000

Xunta de Galicia, Spain

40,000

40,000

40,000

Nordic Investment Bank, Finland

40,000

40,000

Instituto de Crédito Official (government guaranteed), Spain

37,654

37,654

Ayuntamiento de Madrid, Spain

23,500

23,500

Junta de Castilla y León, Spain

15,946

3,550

12,396

La Commanauté Francaise de Belgique, Belgium

10,000

10,000

Provincie Vlaams-Brabant, Belgium

6,000

6,000

Total public sector entities

885,546

36,000

290,669

630,877

106,131

 

 

 

 

 

 

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

Adif Alta Velocidad, Spain

40,200

40,200

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

NRW Bank (government guaranteed), Germany

20,000

20,000

20,000

Kreditanstalt für Wiederaufbau (government guaranteed), Germany

18,566

13,000

5,566

18,566

ING Bank N.V., The Netherlands

13,000

13,000

13,000

Nederlandse Waterschapsbank, The Netherlands

12,000

12,000

12,000

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 N.V., Belgium

14,000

2,000

12,000

14,000

Total non-public sector entities

266,766

44,000

77,000

233,766

234,066

 

 

 

 

 

 

Total

1,152,312

80,000

367,669

864,643

340,197

 

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 León, 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

Deutschsprachige 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 N.V., 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

Part of the value of securities is used as collateral for a possible debit balance, amounting to EUR 69.5 million at the Dutch Central Bank (2017: EUR 55.2 million). The security for drawn loans amounts to EUR nil (2017: EUR 6.0 million) at a bank in Spain.

In connection with differences between the acquisition prices and redemption values, as at 31 December 2018 an amount of EUR 26.6 million (2017: EUR 33.5 million) has been included under Prepayments and accrued income and an amount of EUR 0.7 million (2017: EUR 0.9 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 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 131.5 million which equals the notional value of the interest rate swaps (2017: EUR 111.5 million). The fair value of the interest rate swaps as at 31 December 2018 is EUR -1,225.8 thousand (2017: EUR 450.4 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:

in thousands of EUR

2018

2017

Balance sheet value as at 1 January

1,401,215

1,718,786

Purchase

229,076

248,976

Repayments

–396,590

–495,875

Sale

–66,445

Exchange rate results on foreign currencies

–1,389

–4,227

Balance sheet value as at 31 December

1,232,312

1,401,215