22. Derivative instruments

Fair values of derivative instruments

   

31 Dec 2015

 

31 Dec 2014

1 Jan 2014

M€

Positive

Negative

Net

Net

Net

Interest rate derivatives

     
 

Interest rate swaps, cash flow hedges

1.9

-42.7

-40.9

-45.4

-25.7

 

Interest rate options, cash flow hedges

0.0

0.0

0.0

-0.1

-0.3

 

Interest rate derivatives, not in hedge accounting

0.0

-7.6

-7.6

-8.3

-3.1

       

Electricity derivatives

0.8

-2.0

-1.2

-0.9

-1.2

       

Total

2.7

-52.4

-49.7

-54.8

-30.3

       

Nominal values of derivative instruments

M€

31 Dec 2015

31 Dec 2014

Interest rate derivatives

  
 

Interest rate swaps, cash flow hedges

690.4

404.3

 

Interest rate options, cash flow hedges

0.0

14.2

 

Interest rate derivatives, not in hedge accounting

38.0

38.8

Total

728.4

457.3

    

Electricity derivatives, MWh

245,494

230,087

    

During the financial year, EUR 4.6 (-19.5) million were recognised in the fair value reserve from interest rate derivatives classified into cash flow hedging. The interest rate derivatives hedge the loan portfolio interest flows against increases in market interest rates. The interest rate derivatives mature from 2016 to 2035. At the balance sheet date, the average maturity for interest rate derivatives was 7.1 (5.1) years. Electricity derivatives hedge against increases in electricity prices, and hedge accounting is not applied. The electricity derivatives mature from 2016 to 2019.

 

 

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