Notes to the balance sheet

The disclosures in the notes to the financial statements exclude pro rata interest, which may result in dif-ferences from the amounts presented on the face of the balance sheet.

(1) Loans and advances to banks

Breakdown by residual maturity	31/12/2024 mEUR	31/12/2023 mEUR
Payable on demand	9,081	8,693
Other loans and advances
up to three months	1,292	1,875
more than three months and up to one year	5,549	5,659
more than one year and up to five years	25,112	25,844
more than five years	23,161	24,341
Total	64,832	66,412

Loans and advances to companies in which an equity interest is held amounted to EUR 4,428 million (EUR 4,795 million).

(2) Loans and advances to customers

Breakdown by residual maturity	31/12/2024 mEUR	31/12/2023 mEUR
up to three months	66	291
up to three months	301	889
more than one year and up to five years	3,241	2,447
more than five years	3,225	3,693
Total	6,833	7,320

As of 31 December 2024, there were no loans and advances to customers with an indefinite term to maturity within the meaning of Section 9 (3) No. 1 RechKred V.

(3) Bonds and other fixed-income securities

Securities with a total carrying amount of EUR 16,535 million (EUR 15,690 million) are assigned to fixed assets. For securities totalling EUR 11,033 million (EUR 12,582 million), the fair value of EUR 10,357 million (EUR 11,836 million) is less than the carrying amount. The undisclosed liabilities resulted from the changed environment of market interest rates.

Based on the regular monitoring of issuers, there were no permanent impairments of securities held as fixed assets, as in the prior year. Avoided impairments amounted to EUR 675 million, as compared to EUR 746 million in the prior year.

As in the prior year, no securities of affiliated companies or companies in which an equity interest is held were included in bonds and other fixed-income securities.

Of the total bond holdings, an amount of EUR 14,216 million is eligible as collateral with the Bundesbank. Of this amount, one security with a nominal value of EUR 5 million has been deposited as collateral with EUREX.

Separate disclosures on exchange listing and residual maturity:

Exchange listing	31/12/2024 mEUR	31/12/2023 mEUR
Exchange-listed	15,896	15,380
Not exchange-listed	639	310
Total	16,535	15,690

 

Residual maturity up to one year	31/12/2024 mEUR	31/12/2023 mEUR
Public-sector issuers	156	24
Other issuers	2,010	2,178
Gesamtbetrag	2,166	2,202

 

(4) Shares and other non-fixed-interest securities

The line item of shares and other non-fixed-income securities with a total carrying amount of EUR 33.2 million (EUR 13.4 million) included exchange-listed securities with a carrying amount of EUR 0.1 million (EUR 0.1 million) and non-exchange-tradable securities with a carrying amount of EUR 33.1 million (EUR 13.3 million).

Securities in the form of shares in V C funds with a carrying amount of EUR 33.1 million (EUR 13.3 million) are held as fixed assets. In the case of securities totalling EUR 6.5 million (EUR 4.2 million), the fair value of EUR 5.8 million (EUR 3.4 million) is less than the carrying amount. In view of the early life phase of the V C funds, no impairment was recognised. The avoided impairments amount to EUR 0.7 million (EUR 0.8 million). If the reasons for recognised impairments no longer apply, the corresponding impairments are reversed.

(5) Equity interests and shares in affiliated companies

Rentenbank holds equity interests in the amount of EUR 328 million (EUR 328 million) and shares in affiliated companies in the amount of EUR 50 million (EUR 50 million). As in the prior year, no exchange-tradable securities are included in the balance sheet item of Equity interests and shares in affiliated companies.

(6) Trust assets

Breakdown	31/12/2024 mEUR	31/12/2023 mEUR
Receivables from the German Federal Republic’s Special-Purpose Fund held at Rentenbank	169	164
Total	169	164

(7) Fixed assets

Statement of Changes in Fixed Assets (in euro millions)

	Intangible assets	Property and equipment			Financial investments
	Software and licences	Land and buildings	Operational and office equipment	Assets under construction	Bonds and other fixed-income securities	Shares and other non-fixed-income securities	Equity interests	Shares in affiliated companies
Acquisition/production cost 1/1/2024	94	55	20	19	15,690	13	328	50
Acquisitions	18	-	1	14	3,008	20	-	-
Disposals	-	-	-2	-	- 2,213	0	-	-
Transfers	-	-	-	-	0	-	-	-
Acquisition/production cost 31/12/2024	112	55	19	33	16,485	33	328	50
Accumulated depreciation and amortisation 1/1/2024	- 63	- 10	- 18	0	Net change Pursuant to Section 34 (3) Sentence 2 RechKredV: EUR 0.3 million
Depreciation, amortisation and impairments
Accumulated depreciation and amortisation on disposals	-	-	2	-
Depreciation and amortisation 2024	- 12	0	- 1	-
Accumulated depreciation and amortisation 31/12/2024	- 75	- 10	- 17	-
Write-ups	-	-	-	-
Carrying amounts at 31/12/2024	37	45	2	33	16,485	33	328	50
Carrying amounts at 31/12/2024	31	45	2	19	15,690	13	328	50

(8) Other assets

Breakdown	31/12/2024 mEUR	31/12/2023 mEUR
Cash collateral provided for derivatives contracts	2,425	3,839
Miscellaneous	1	7
Total	2,426	3,846

(9) Prepaid expenses

Breakdown	31/12/2024 mEUR	31/12/2023 mEUR
Premium from lending business	1,366	1,656
Discount from issuing business	749	611
Upfront payments made from derivatives	328	396
Payments made from EONIA-€ S T R conversion	0	1
Other	2	2
Total	2,445	2,666

(10) Liabilities to banks

Breakdown by residual maturity	31/12/2024 mEUR	31/12/2023 mEUR
Payable on demand	0	51
With agreed term or notice period
up to three months	642	181
more than three months and up to one year	27	57
more than one year and up to five years	124	709
more than five years	0	0
Total	793	998

(11) Liabilities to customers

Breakdown by residual maturity	31/12/2024 mEUR	31/12/2023 mEUR
Payable on demand	0	137
With agreed term or notice period
up to three months	62	75
more than three months and up to one year	16	108
more than one year and up to five years	404	483
more than five years	938	958
Total	1.420	1.761

This item includes liabilities to affiliated companies in the amount of EUR 30 million (EUR 97 million). There were no liabilities to companies in which an equity interest is held at the reporting date (EUR 0 million).

(12) Securitised liabilities

Breakdown by residual maturity	31/12/2024 mEUR	31/12/2023 mEUR
Debt securities issued
up to one year	17,843	17,238
more than one year and up to five years	44,215	43,007
more than five years	21,228	25,109
Total	83,286	85,354

(13) Trust liabilities

Breakdown	31/12/2024 mEUR	31/12/2023 mEUR
Liabilities from the German Federal Republic’s Special-Purpose Fund held at Rentenbank	169	164
Total	169	164

(14) Other liabilities

Breakdown	31/12/2024 mEUR	31/12/2023 mEUR
Cash collateral received for derivatives contracts	344	365
Miscellaneous	8	12
Total	352	377

(15) Deferred income

Breakdown	31/12/2024 mEUR	31/12/2023 mEUR
Discount from lending business	47	42
Premium from issuing business	264	350
Upfront payments received from derivatives	2,071	2,221
Payments received from EONIA-€ S T R conversion	10	12
Total	2,392	2,625

(16) Provisions

This balance sheet item includes provisions for pension obligations to employees who are contractually entitled to pension benefits in the amount of EUR 154 million (EUR 155 million). The Other provisions break down as follows:

Other provisions	31/12/2024 mEUR	31/12/2023 mEUR
Interest subsidy for promotional loans	150	167
Promotion of research for innovation in agribusiness	17	18
Promotion of agriculture (Promotional Fund)	7	6
Miscellaneous provisions	14	12
Total	188	203

(17) Subordinated liabilities

Breakdown by residual maturity	31/12/2024 mEUR	31/12/2023 mEUR
Up to one year	-	40
More than one year and up to five years	-	-
More than five years	-	-
Total	-	40

All subordinated liabilities matured in financial year 2024. In the previous year, this item consisted of promissory notes with a carrying amount of EUR 40 million. Interest expenses for subordinated liabilities amounted to EUR 0.1 million (EUR 2.0 million).

Conversion into equity or another form of debt has not been agreed or planned.

(18) Foreign-currency assets and liabilities

At the reporting date, assets denominated in foreign currency amounted to EUR 4,001 million (EUR 4,256 million) and liabilities denominated in foreign currency amounted to EUR 35,994 million (EUR 37,328 million). The currency risks from foreign currency holdings are almost completely hedged by derivatives.

(19) Contingent liabilities

The contingent liabilities of EUR 17 million (EUR 26 million) result from deficiency guarantees. Default guarantees were issued for interest-subsidised capital market loans backed by public-sector counter-guarantees. We do not expect these guarantees to be called.

(20) Other commitments

Other commitments consist of irrevocable loan commitments of EUR 590 million (EUR 1,516 million), almost all of which in the special promotional loan business.

The irrevocable loan commitments result from transactions for which Rentenbank has made a binding commitment to its customers, thereby exposing the Bank to a future credit risk. Based on experience values from previous years, Rentenbank expects that these irrevocable loan commitments will be drawn down almost entirely in 2025.

(21) Cover calculation

Outstanding liabilities requiring cover consist exclusively of a small number of bearer bonds of insignificant amounts, the submission period for which has not yet expired, with a carrying amount of EUR 0.1 million. Loans and advances to customers in the amount of EUR 1.0 million (EUR 1.0 million) have been designated as cover assets to back debt securities issued.