| |
As at 31 December |
| |
Nominal Value |
|
Fair Value |
| EUR million |
2003 |
2004 |
|
2003 |
2004 |
| |
|
|
|
|
|
| Interest Rate Derivatives |
|
|
|
|
|
| Interest rate swap agreements |
1 945.8 |
2 763.7 |
|
108.7 |
140.9 |
| Interest rate options |
23.8 |
198.4 |
|
0.5 |
1.1 |
| |
1 969.6 |
2 962.1 |
|
109.2 |
142.0 |
| Foreign Exchange Derivatives |
|
|
|
|
|
| Forward agreements |
4 491.3 |
3 677.9 |
|
61.3 |
-96.0 |
| Cross currency swap agreements |
129.4 |
102.7 |
|
-11.0 |
-11.6 |
| Currency options |
208.1 |
668.5 |
|
0.7 |
1.4 |
| |
4 828.8 |
4 449.1 |
|
51.0 |
-106.2 |
| |
|
|
|
|
|
| Commodity Derivatives |
879.1 |
814.1 |
|
18.5 |
3.5 |
| |
|
|
|
|
|
| Equity Swaps |
308.4 |
359.5 |
|
-36.0 |
-11.4 |
The fair value of a derivative represents the result to date, being the movement away from the par nominal value.
