11. Prepayments and Accrued Income

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

The deferred tax asset relates for an amount of EUR 7.6 million (2016: EUR 7.3 million) to tax losses incurred by the German branch for which it is expected that these will be fully recovered against future profits. No compensation is expected for 2017, but for the years thereafter. 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.

An increase of EUR 20 million of other prepayments and accrued income relates to mortgages in The Netherlands. This sum was paid to the notary before the year end on concluding a number of mortgages, but before the mortgages could be distributed on to the relevant customers.

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

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.