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Notes to the Consolidated Accounts
\ Annual Accounts
Financial instruments held for trading
The Group contracted a Cancellable Interest Rate Swap. This instrument,
recognised as trading, is made up of a classic IRS (here: fixed payer) and
a short position in an option that allows the counterparty to cancel this
Swap as from a certain date. The sale of this option allowed to reduce the
guaranteed fixed rate during the entire period.
1
The important “Changes in the fair value of the hedged instrument” in 2013 is explained by the fact that a bond swapped into floating rate with a nominal value of €50million was
replaced by fixed-rate bond with a nominal value of €50million.
Changes in the fair value of the hedged instruments
(x €1,000)
2013
2012
AT 01.01
261,069
261,488
Changes in the fair value caused by the maturity of the instruments
-50,000
1
Changes in the fair value of the hedged instruments
-6,806
-418
AT 31.12
204,263
261,070
(x €1,000)
Period
Option Exercise price
Floating rate Annual amount
First option Option frequency
2008-2018
Cancellable IRS
4.10%
3M
140,000
15.10.2011
Annual
2018
IRS
2.11%
1M
660,000
2019
IRS
2.37%
1M
800,000
2018-2019
IRS
2.18%
1M
200,000
2020-2022
IRS
2.73%
1M
500,000
2012-2016
IRS
3.60% 3M + 300.5bps
100,000
2014
CAPs bought
4.25%
3M
200,000
2015
CAPs bought
4.25%
3M
200,000
(x €1,000)
31.12.2013
Gross amount of
financial liabilities
recognised
Gross amount
of financial
assets set off
in the financial
statements
Net amount of
financial liabilities
presented in
the financial
statements
Amounts not set off in the
financial statements
Net amount
Financial
instruments
Cash collateral
received
Financial liabilities
CAPs, FLOORs
100,335
100,335
6,394
93,941
IRS
22,069
22,069
9,724
12,345
TOTAL
122,404
122,404
16,118
106,285
These tables present the net positions of the assets and liabilities of the financial instruments per counterparty.
Compensation of the financial assets and liabilities
(x €1,000)
31.12.2013
Gross amount of
financial assets
recognised
Gross amount
of financial
liabilities set off
in the financial
statements
Net amount of
financial assets
presented in
the position of
financial liabilities
Amounts not set off in the
financial statements
Net amount
Financial
instruments
Cash collateral
received
Financial assets
CAPs, FLOORs
6,954
6,954
6,394
560
IRS
12,123
12,123
9,724
2,399
TOTAL
19,077
19,077
16,118
2,959
Liquidity obligation at maturity related to the financial derivatives
(x €1,000)
2013
2012
Between one and two years
-29,280
-35,123
Between two and five years
-43,948
-66,302
Beyond five years
622
-5,783
TOTAL
-72,606
-107,208