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18. Equity

The equity stated on the consolidated balance sheet is equal to that stated on the parent company balance sheet. For a breakdown, please see the Notes to the company Annual Accounts.

Fair values

The following table sets out the fair value of the financial instruments held as at 31 December 2015. The fair value of government paper and interest-bearing securities is the market value. The fair value of banks, loans, funds entrusted with a fixed interest term and the subordinated loan has been determined by calculating the net present value of expected interest and redemption cashflows, taken into account market interest rates as at the end of the year. The fair value of the other items is assumed to be equal to the balance sheet value.

The fair value of the remaining assets also includes the deferred tax item. The premium and discount for the government paper and interest-bearing securities has been included in the balance sheet value of the interest-bearing securities.

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2015

2015

2014

2014

in thousands of EUR

Balance sheet
value

Fair value

Balance sheet
value

Fair value

 

 

 

 

 

*

The fair value is negatively impacted by the tax effect of all fair value adjustments which has been posted as other.

 

 

 

 

 

Assets

 

 

 

 

Cash

285,819

285,819

175,225

175,225

Government paper including discounts

213,135

213,220

208,782

208,714

Banks

545,152

545,309

575,743

575,809

Loans

5,215,692

5,233,553

4,266,324

4,294,845

Interest-bearing securities including premiums/discounts

1,728,259

1,788,324

1,741,949

1,818,691

Shares

65

65

4

4

Participating interests

13,803

13,803

8,720

8,720

Other

207,768

191,952*

173,460

153,880*

 

 

 

 

 

 

 

 

 

 

 

8,209,693

8,272,045

7,150,207

7,235,888

 

 

 

 

 

Liabilities

 

 

 

 

Banks

39,798

39,798

54,627

54,627

Funds entrusted

7,282,564

7,297,280

6,288,828

6,315,362

Other

106,814

107,004

103,127

103,534

Equity

780,517

780,517

703,625

703,625

Revaluation on equity

47,446

58,740

 

 

 

 

 

 

 

 

 

 

 

8,209,693

8,272,045

7,150,207

7,235,888

 

 

 

 

 

The estimated fair values provided by financial institutions are considered not to be comparable on an individual basis, due to the differences in valuation methods applied and the use of estimates in these valuations. The lack of an objective method of valuation means that estimated fair values are subjective in respect of the expected maturity and interest rates used.

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in thousands of EUR

2015

2014

 

 

 

 

 

 

Currency forward contracts:

 

 

Gross positive fair value

38,809

30,449

Netting benefits

 

 

Netted current credit exposure

13,455

16,499

Collateral held

 

 

 

 

 

 

Net derivatives credit exposure

52,264

46,948

 

 

 

 

 

 

Current replacement cost

38,809

30,449

Potential future credit exposure

13,455

16,499

 

 

 

 

 

 

Exposure value

52,264

46,948

 

 

 

The exposure value of the currency forward contracts is calculated with the mark-to-market method. The exposure value is the sum of current replacement cost and the potential future credit exposure. The current replacement cost is equal to the current market values of all contracts with positive values. The potential future credit exposure is determined by multipling the notional amounts with the following percentages:

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Residual maturity contract

 

 

 

 

 

One year or less

1%

Over one year, not exceeding five years

5%

Over five years

7.5%