in thousands of EUR

2019

2018

On demand deposits with banks

151,911

164,867

Deposits with banks

22,039

70,393

Balance sheet value as at 31 December

173,950

235,260

An amount of EUR 21.0 million of the deposits is encumbered (2018: EUR 19.7 million). These are on demand deposits at Cecabank in the amount of EUR 1 million (2018: EUR 1 million), Caja de Ingenieros in the amount of EUR nil (2018: EUR 0.5 million), ING Bank EUR 13 million (2018: EUR 13 million), Banco Cooperativo EUR 7 million (2018: EUR 4.6 million) and Mastercard EUR 0.0 million (2018: EUR 0.6 million). All other deposits can be freely disposed of.