NIB - 13. Other liabilities

Nordic Investment Bank – Annual Report 2010

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(13) OTHER LIABILITIES

Derivatives are included in "Other liabilities":

(Amounts in EUR million)	2010	2009
Interest rate swaps ¹	10,390	10,942
Currency swaps ²	18,849	16,991
Total, nominal amount	29,239	27,933
Netting of nominal amount per derivative	-28,320	-26,662
Derivative payables, net	919	1,271
Adjustment to hedge accounting and changes in fair value of non-hedging derivatives	198	153
Derivative instruments	1,117	1,424
Other	6	8
Total	1,122	1,432

¹ Interest rate swaps at floating interest rates EUR 8,687 (9,446) million and fixed interest rates EUR 1,703 (1,496) million.

² Currency swaps at floating interest rates EUR 18,588 (16,781) million and fixed interest rates EUR 261 (210) million.

Derivatives are carried at fair value in the statement of financial position net per contract. Thus, swap contracts with a positive net fair value are recognised in the statement of financial position under "Other assets", while swap contracts with a negative net fair value are recognised under "Other liabilities".

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