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

in thousands of EUR

2019

2018

Interest receivable

29,322

31,795

Deferred taxes

15,394

17,490

Derivatives

7,814

5,232

Other prepayments and accrued income

44,605

45,046

Balance sheet value as at 31 December

97,135

99,563

The deferred tax asset relates for an amount of EUR 7.3 million (2018: EUR 7.7 million) to tax losses incurred by the German banking entity for which it is expected that these will be fully recovered against future profits. Compensation is expected in the coming years. Under the German corporate income tax code tax losses have no expiration date. The remaining deferred tax asset relates to temporary differences because of differences between accounting rules and tax rules.

Prior year deferred tax has been adjusted for an amount of EUR 6,808. For further explanation see the general accounting principles.

The premium on investments in interest bearing securities were recognised as prepayments and accrued income, for an amount of EUR 26.0 million (2018: EUR 26.6 million) in the balance sheet but are transferred to interest-bearing securities. The comparative figures are adjusted accordingly.

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

 

Notional amount

Fair value

2019

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

14,206

8,863

5,343

1,965

Non deliverable forwards

43,380

33,079

10,301

5,840

Swap

387

387

9

Total derivatives

57,973

42,329

15,644

7,814

 

Notional amount

Fair value

2018

Total

<= 1 year

> 1 year <= 5 years

> 5 years

 

Currency contracts:

 

 

 

 

 

OTC:

 

 

 

 

 

Forwards

29,964

16,204

13,760

1,356

Non deliverable forwards

54,740

11,671

43,069

3,908

Swap

1,252

873

379

–32

Total derivatives

85,956

28,748

57,208

5,232

Triodos Bank entered into currency contracts 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 are almost the same. The decline of the nominal amount from 2018 to 2019 relates to the fact that at the end of 2017 Triodos Bank stopped entering into new currency contract with Triodos Investment Management because of new regulation.

The interest receivable and other prepayments and accrued income fall due within one year.