in thousands of EUR

2019

2018

Dutch Government bonds

70,292

70,597

Belgian Government bonds

168,222

230,696

Spanish Government bonds

72,182

91,473

United Kingdom Government bonds

89,790

Other bonds

576,574

775,660

Balance sheet value as at 31 December

887,270

1,258,216

Differences between the acquisition price and the redemption value are amortised over the remaining life of the securities. These items were recognised as prepayments and accrued income, for an amount of EUR 20.2 million (2018: EUR 26.6 million,) or accruals and deferred income, for an amount of EUR 0.4 million (2018: 0.7 million), in the balance sheet but are transferred to interest-bearing securities. The comparative figures are adjusted accordingly.

The movement in interest-bearing securities is as follows:

in thousands of EUR

2019

2018

1

This relates to the transfer of the interest-bearing securities from the branch in the UK to the subsidiary Triodos Bank UK Ltd.

Balance sheet value as at 1 January

1,258,216

1,433,852

Purchase

112,417

235,063

Repayments

–362,823

–396,590

Sale

Transfer1

–111,822

Amortisation difference between acquisition price and redemption value

–8,718

–12,770

Exchange rate results on foreign currencies

–1,339

Balance sheet value as at 31 December

887,270

1,258,216

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 153.0 million which equals the notional value of the interest rate swaps (2018: EUR 131.5 million). The fair value of the interest rate swaps as at 31 December 2019 is EUR - 1.7 million (2018: EUR -1.2 million). Triodos Bank applies cost price hedge accounting on these interest rate swaps and therefore the fair value is not recognised on the balance sheet.