NOTE 34. OTHER RESERVES
The table below gives the contractual amounts of contingent liabilities. The maximum exposure to credit loss under contingent liabilities is the contractual amount of the instrument in the event of non-performance by the other party where all counter claims, collateral or security prove worthless.
Group |
2012 €'000 |
2011 €'000 |
|---|---|---|
| Cash flow hedge reserve | ||
| At the beginning of the year | (192,223) | 77,554 |
| Changes in clean fair value | (439,821) | (338,689) |
| Hedge interest settled during year | 51,741 | 82,245 |
| Movement in interest accrual | 64,338 | (23,965) |
| Transferred to income statement | (116,079) | (58,280) |
| Net movement in cashflow hedge reserve before tax | (439,821) | (338,689) |
| Deferred tax recognised in other comprehensive income | 108,025 | 68,912 |
| At 31 December | (524,019) | (192,223) |
| Available for sale reserve | ||
| At the beginning of the year | 82 | - |
| Net changes in fair value | 2,297 | 110 |
| Net movement in available for sale reserve before tax | 2,297 | 110 |
| Deferred tax recognised in other comprehensive income | (574) | (28) |
| At 31 December | 1,805 | 82 |
| Total other reserves | (522,214) | (192,141) |
The net movement in the cash flow hedge reserve for 2012 was €439.8m (2011: €338.7m) before tax which was the fair value movement in derivatives where hedge accounting is applied of €432.1m (2011: €322.8m) plus an adjustment relating to hedge ineffectiveness of €7.7m (2011: €15.9m). The net movement in the available for sale reserve for the year was €2.3m (2011: €0.1m) which reflects the fair value movement in available for sale investments held at the reporting date.