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18. Equity

The equity stated on the consolidated balance sheet is equal to that stated on the parent company balance sheet. For a breakdown, please see the Notes to the company Annual Accounts.

Fair values

The following table sets out the fair value of the financial instruments held as at 31 December 2013. The fair value of interest-bearing securities is the market value. The fair value of banks, loans, funds entrusted with a fixed interest term and the subordinated loan has been determined by calculating the net present value of expected interest and redemption cashflows, taken into account market interest rates as at the end of the year. The fair value of the other items is assumed to be equal to the balance sheet value.

The fair value of the remaining assets also includes the deferred tax item. The premium and discount not yet written off for the interest-bearing securities has been included in the balance sheet value of the interest-bearing securities.

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Amounts in thousands of EUR

2013

2013

2012

2012

 

Balance sheet
value

Fair value

Balance sheet
value

Fair value

*

The fair value is negatively impacted by the tax effect of all fair value adjustments which has been posted as other.

 

 

 

 

 

Assets

 

 

 

 

Cash

895,755

895,755

380,497

380,497

Goverment paper

48,000

47,860

Banks

551,541

550,832

561,167

561,927

Loans

3,544,716

3,509,290

3,285,359

3,325,547

Interest-bearing securities including premiums/discounts

1,251,033

1,276,816

918,985

964,325

Shares

4

4

4

4

Participating interests

7,630

7,630

7,594

7,594

Other

144,773

152,807*

134,269

122,371*

 

 

 

 

 

 

 

 

 

 

 

6,443,452

6,440,994

5,287,875

5,362,265

 

 

 

 

 

Liabilities

 

 

 

 

Banks

62,105

62,105

62,799

62,799

Funds entrusted

5,650,103

5,671,748

4,593,501

4,632,197

Other

77,212

77,212

66,306

66,306

Equity

654,032

654,032

565,269

565,269

Revaluation

–24,103

35,694

 

 

 

 

 

 

 

 

 

 

 

6,443,452

6,440,994

5,287,875

5,362,265

 

 

 

 

 

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Amounts in thousands of EUR

 

2013

 

2012

 

 

Fair value

 

Fair value

 

 

 

 

 

Derivatives

 

 

 

 

Currency forward contracts

 

1,135

 

812

 

 

 

 

 

The estimated fair values provided by financial institutions are considered not to be comparable on an individual basis, due to the differences in valuation methods applied and the use of estimates in these valuations. The lack of an objective method of valuation means that estimated fair values are subjective in respect of the assumed maturity and interest rates used.