Amounts in thousands of EUR | 2022 | 2021 |
|---|---|---|
Dutch government bonds | 9,940 | 69,667 |
Belgian government bonds | 76,843 | 108,035 |
Spanish government bonds | 98,356 | 51,733 |
United Kingdom government bonds | 153,157 | 125,171 |
Other bonds | 1,343,430 | 1,119,399 |
Interest receivable | 7,736 | 8,738 |
Fair value hedge accounting | 350 | 645 |
Allowance for ECL | -32 | -10 |
Balance sheet value as at 31 December | 1,689,780 | 1,483,378 |
Debt securities with a nominal amount of EUR 975.9 million is placed at the Dutch Central Bank (2021: EUR 207.1 million) that can be used for a credit line. In 2021 an amount of EUR 1,064.7 million of debt securities was posted as collateral at the Dutch Central Bank for the deposits from Central Banks (TLTRO) which was repaid in 2022.
Up to 2020, as part of the interest rate risk management, Triodos Bank entered into interest rate swaps to hedge the interest risk on fixed interest rate bonds. These hedge relationships were discontinued as Triodos Bank now applies macro fair value hedge accounting on its loans and advances to customers. The fair value hedge adjustment on debt securities will amortise over the remaining lifetime of the dedesignated hedge relationship.
The movement in debt securities at amortised cost is as follows:
Amounts in thousands of EUR | 2022 | 2021 |
|---|---|---|
Balance sheet value as at 1 January | 1,483,378 | 1,317,301 |
Acquisitions | 745,581 | 402,532 |
Repayments | -507,669 | -229,447 |
Sale | - | -6,095 |
Amortisation difference between acquisition price and redemption value | -9,122 | -10,725 |
Exchange rate differences | -21,069 | 10,956 |
Interest receivable movement | -1,002 | -696 |
Fair value hedge accounting movement | -295 | -501 |
Net movement in allowance for ECL | -22 | 53 |
Balance sheet value as at 31 December | 1,689,780 | 1,483,378 |
The increase in the debt securities is mainly caused by an increase in the other bonds of EUR 224 million. The other bonds consists of European regional government and corporate bonds, listed and non-listed. The debt securities including the other bonds are specified below.
The interest bearing securities in the statement below, as at 31 December, are valued at amortised cost. This is the book value without the interest receivable, fair value hedge accounting and the allowance for the ECL.
Amounts in thousands of EUR | 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Issuer | Listed | Non-listed | Maturity <1 year | Maturity >1 year | Of which Green bond1 | ||||
Total public sector entities | 1,420,178 | 41,253 | 403,222 | 1,058,209 | 32,238 | ||||
Total non-public sector entities | 214,295 | 6,000 | 14,716 | 205,579 | 41,486 | ||||
Total | 1,634,473 | 47,253 | 417,938 | 1,263,788 | 73,724 | ||||
| |||||||||
Amounts in thousands of EUR | 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Issuer | Listed | Non-listed | Maturity <1 year | Maturity >1 year | Of which Green bond1 | ||||
Total public sector entities | 1,166,716 | 66,920 | 447,792 | 785,844 | 32,356 | ||||
Total non-public sector entities | 232,369 | 8,000 | 37,532 | 202,837 | 54,564 | ||||
Total | 1,399,085 | 74,920 | 485,324 | 988,681 | 86,920 | ||||
| |||||||||
Accounting policy
All debt securities at amortised cost are held in the investment portfolio. These are financial instruments initially measured at fair value including any incremental direct transaction costs. The debt securities are held to collect the contractual cash flows and meet the SPPI criteria. Therefore, subsequent measurement is at amortised cost, using the effective interest method in accordance with the Financial instruments paragraph in the accounting principles on page Financial instruments .