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.