1 Corporate information
FMO was incorporated in 1970 as a public limited company with 51% of shares held by the Dutch State and 49% held by commercial banks, state unions and other members of the private sector.
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2 Basis of preparation and changes to accounting policies
The consolidated annual accounts as at December 31, 2018 are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).
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3 Risk developments
For a detailed overview of FMO’s risk governance and risk management approach please refer to the section "Risk Management" in FMO’s consolidated annual accounts as at December 31,2018.
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4 Segment information
The Management Board sets performance targets, approves and monitors the budgets prepared by the front office servicing units. These shall therefore perform in accordance with the strategy and targets.
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5 Financial Instruments
The following table shows the carrying amounts of financial assets and financial liabilities.
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6 Commitments and contingent liabilities
To meet the financial needs of borrowers, FMO enters into various irrevocable commitments (loan commitments, equity commitments and guarantee commitments) and contingent liabilities.
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7 Debentures and notes
Debentures and notes includes issued debt instruments in various currencies under FMO's Debt Issuance Programmes. In addition, a subordinated note of EUR 175 million is also included in the Debenture and Notes.
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8 Other liabilities
The increase in other liabilities is result of implementation of IFRS 16 standard as per January 1, 2019 and deposits placed by customers.
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9 Net fee and commission income
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10 Results from equity investments
The results from equity investments also contain the fair value changes of equity investments including currency exchange effects.
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