2014 Registration Document and Annual Financial Report - page 236

Financial Statemements
Consolidated Financial Statements and Notes
5
Forward purchases and currency swaps
(inmillions of euros)
December 31, 2014
Maturity 2015
Nominal amount
Fair value
GBP
38
38
1
HKD
91
91
1
AUD
53
53
-
USD
23
23
-
PLN
9
9
-
Other
8
8
-
FORWARD PURCHASES
222
222
2
TOTAL CURRENCY HEDGING
291
291
2
For each currency, the nominal amount corresponds to the amount
of currency sold or purchased forward. Fair value corresponds to the
difference between the amount of the currency sold (purchased)
and the amount of the currency purchased (sold), converted in both
cases at the period-end forward exchange rate.
All the currency instruments listed above are used for hedging
purposes. Most are designated and documented fair value hedges of
intra-group loans and borrowings that qualify for hedge accounting.
At December 31, 2014, the total fair value of currency derivatives
was a positive €2 million, recorded in assets.
2. Interest rate hedges
The following table analyse the notional amount of interest rate hedges by maturity and the carrying amount of these instruments in the
statement of financial position, corresponding to their fair value, at December 31, 2014:
December 31, 2014
(inmillions of euros)
2015
2016
2017 Beyond
Nominal amount
Fair value
EUR: Fixed-rate borrower swaps and caps
-
-
-
59
59
-
Interest rate hedges
-
-
-
59
59
-
The “notional amount” corresponds to the amount covered by the
interest rate hedge. “Fair value” corresponds to the amount that
would be payable or receivable if the positions were unwound on
the market.
All the interest rate instruments listed above are used for hedging
purposes.
At December 31, 2014, the total fair value of rates derivatives was
€0 million, recorded in assets.
Registration Document 2014
234
1...,226,227,228,229,230,231,232,233,234,235 237,238,239,240,241,242,243,244,245,246,...332
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