Amounts in thousands of EUR | 2022 | 2021 |
|---|---|---|
Deposits from banks | 337,072 | 73,920 |
Deposits from Central Banks (TLTRO) | - | 1,550,000 |
Interest payable | 15 | -15,614 |
Balance sheet value as at 31 December | 337,087 | 1,608,306 |
The deposits from banks concerns deposits received from Kreditanstalt für Wiederaufbau, Germany and Landwirtschaftliche Rentenbanken, Germany for interest-subsidised loans in the renewable energy sector.
The deposits from central banks relates to the TLTRO III (hereafter ‘TLTRO’) funding with the ECB. Up to 23 June 2022, the interest rate applied on all TLTRO operations outstanding was 50 basis points below the average interest rate on the deposit facility prevailing over the same period, and in any case not higher than -1%, if lending conditions under the program were met. The lending condition was met by Triodos Bank.
As of 23 June 2022 until maturity, the interest rate applied on all TLTRO operations outstanding was the average deposit rate over the lifetime of the TLTRO. The ECB has communicated on the 27th of October 2022 that the interest rate of TLTRO will match the rate at which the funds are placed at the ECB as of 23 November 2022. Additionally, the ECB added voluntary early repayment options. Because of this adjustment to the interest rates, Triodos Bank has decided to early repay the TLTRO per 23 November 2022. The interest rate between 23 June 2022 and 23 November 2022 was -0.31%.
Deposits from banks classified by residual maturity can be broken down as follows:
Amounts in thousands of EUR | 2022 | 2021 |
|---|---|---|
Payable on demand | 284,881 | 13,460 |
1 to 3 months | 80 | 2,815 |
3 months to 1 year | - | 1,536,708 |
1 to 5 years | 29,730 | 14,513 |
Longer than 5 years | 22,396 | 40,810 |
Balance sheet value as at 31 December | 337,087 | 1,608,306 |
Accounting policy
Deposits from banks are initially measured at fair value less incremental direct transaction costs, and subsequently measured at their amortised cost using the effective interest method.