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

78,068

89,790

Other bonds

634,658

775,660

Balance sheet value as at 31 December

1,023,422

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 26.0 million (2018: EUR 26.6 million,) or accruals and deferred income, for an amount of EUR 0.5 million (2018: 0.7 million), in the balance sheet but are transferred to interest-bearing securities. The comparative figures are adjusted accordingly.

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

 

2019

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

168,222

25,228

142,994

Comunidad Autonoma de Madrid, Spain

114,355

2,873

111,482

11,107

United Kingdom, government

78,068

10,631

67,437

Kingdom of Spain, government

72,182

28,829

43,353

The Netherlands, government

70,292

70,292

Region Wallonne, Belgium

40,000

20,000

10,000

50,000

Instituto de Crédito Official (government guaranteed), Spain

38,709

6,500

32,209

Junta de Castilla y Leon, Spain

24,558

24,558

Ayuntamiento de Madrid, Spain

24,019

24,019

Autonomous Community of Basque Country, Spain

20,629

20,629

Xunta de Galicia, Spain

15,000

15,000

European Investment Bank

11,828

11,828

11,828

Transport for London, United Kingdom

6,096

6,096

6,096

Deutschsprache Gemeinschaft Belgiens, Belgium

20,017

20,017

Brussels Region, Belgium

10,044

10,044

La Commanauté Francaise de Belgique, Belgium

10,000

10,000

Provincie Vlaams-Brabant, Belgium

6,000

6,000

Total public sector entities

683,958

66,061

95,889

654,130

29,031

 

 

 

 

 

 

Non-public sector entities

 

 

 

 

 

Landwirtschaftliche Rentenbank, Germany

50,000

50,000

50,000

Adif Alta Velocidad, Spain

45,305

45,305

ABN AMRO Bank N.V., The Netherlands

26,487

15,992

10,495

26,487

Coöperative Rabobank U.A., The Netherlands

24,991

24,991

24,991

NRW Bank (government guaranteed), Germany

19,872

19,872

19,872

Kreditanstalt für Wiederaufbau (government guaranteed), Germany

17,165

5,907

11,258

5,907

ING Bank N.V., The Netherlands

13,009

13,009

13,009

Nationwide Building Society, United Kingdom

11,820

11,820

Anglian Water Services Financing Plc, United Kingdom

11,174

11,174

11,174

Bank Nederlandse Gemeenten (BNG), The Netherlands

6,082

6,082

Cofinimmo SA N.V., Belgium

4,998

4,998

4,998

Ethias Vie, Belgium

500

500

Société Régionale Wallonne du Transport (government guaranteed), Belgium

30,000

15,000

15,000

Aquafin N.V., Belgium

12,000

2,000

10,000

12,000

Total non-public sector entities

231,403

42,000

101,908

171,495

168,438

 

 

 

 

 

 

Total

915,361

108,061

197,797

825,625

197,469

 

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

230,696

60,873

169,823

Comunidad Autonoma de Madrid, Spain

115,589

25,849

89,740

United Kingdom, government

89,790

15,422

74,368

Kingdom of Spain, government

91,473

18,079

73,394

The Netherlands, government

70,597

70,597

European Investment Bank

66,327

55,091

11,236

66,327

Autonomous Community of Basque Country, Spain

43,905

33,752

10,153

Region Wallonne, Belgium

40,000

20,000

60,000

Xunta de Galicia, Spain

40,181

40,181

40,181

Nordic Investment Bank, Finland

40,000

40,000

Instituto de Crédito Official (government guaranteed), Spain

39,815

39,815

Ayuntamiento de Madrid, Spain

24,361

24,361

Junta de Castilla y Leon, Spain

17,800

3,588

14,212

La Commanauté Francaise de Belgique, Belgium

10,000

10,000

Provincie Vlaams-Brabant, Belgium

6,000

6,000

Total public sector entities

910,534

36,000

292,835

653,699

106,508

 

 

 

 

 

 

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

41,180

41,180

ABN AMRO Bank N.V., The Netherlands

26,465

26,465

26,465

Coöperative Rabobank U.A., The Netherlands

24,986

24,986

24,986

NRW Bank (government guaranteed), Germany

19,853

19,853

19,853

Kreditanstalt für Wiederaufbau (government guaranteed), Germany

18,562

12,993

5,569

18,561

ING Bank N.V., The Netherlands

13,018

13,018

13,018

Nederlandse Waterschapsbank, The Netherlands

11,993

11,993

11,993

Bank Nederlandse Gemeenten (BNG), The Netherlands

6,127

6,127

Cofinimmo SA N.V., Belgium

4,998

4,998

4,998

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

267,682

44,000

76,986

234,696

233,874

 

 

 

 

 

 

Total

1,178,216

80,000

369,821

888,395

340,382

Part of the value of securities is used as collateral for a possible debit balance, amounting to EUR 89.4 million at the Dutch Central Bank (2018: EUR 69.5 million).

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 -1.3 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.

The movement in interest-bearing securities is as follows:

in thousands of EUR

2019

2018

Balance sheet value as at 1 January

1,258,216

1,433,852

Purchase

141,558

235,063

Repayments

–368,610

–396,590

Sale

Amortisation difference between acquisition price and redemption value

–9,512

–12,770

Exchange rate results on foreign currencies

1,770

–1,339

Balance sheet value as at 31 December

1,023,422

1,258,216