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

in thousands of EUR

2019

2018

Interest payable

5,124

6,839

Deferred taxes

8,663

8,563

Derivates

10,051

4,799

Other accruals and deferred income

32,023

49,823

Balance sheet value as at 31 December

55,861

70,024

The deferred tax liability relates for an amount of EUR 1.5 million to a taxable temporary difference following the tax losses incurred by the German banking entity over the period 2009 – 2011 amounting to EUR 6.8 million which have been offset against taxable income in the Triodos Dutch corporate income tax return over the same period. The Dutch corporate income tax act 1969 allowed income tax deduction on losses incurred by foreign branches of a Dutch resident taxpayer in so far that these tax losses could not be recovered in the country of residence till 2011. This Dutch income tax deduction is subsequently reversed when the branch recovers profitability and the incurred tax losses are offset in the local income tax return, resulting in a taxable temporary difference. Under the German corporate income tax code tax losses have no expiration date.

The deferred tax item further relates to temporary differences between the carrying amounts of intangible fixed assets for financial reporting purposes and the amounts used for taxation purposes. The remaining duration is one to four years.

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

 

Notional amount

Fair value

2019
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

206,726

201,383

5,343

4,460

Non deliverable forwards

43,380

33,079

10,301

5,583

Swap

387

387

8

Total derivatives

250,493

234,849

15,644

10,051

 

Notional amount

Fair value

2018
in thousands of EUR

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

29,964

16,204

13,760

1,250

Non deliverable forwards

54,740

11,671

43,069

3,587

Swap

1,252

873

379

–38

Total derivatives

85,956

28,748

57,208

4,799

The increase of the forward currency contracts relates to GPB contracts that Triodos Bank entered into in 2019 for a notional amount of EUR 192.5 million for hedging the currency risk of the UK subsidiary equity participation of Triodos Bank. The other currency contracts relate to contracts that Triodos Bank entered into 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 of these contracts are almost the same.

The discount on investments were recognised as 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 interest payable and other accruals and deferred income fall due within one year.