Note 55 Finance income
€ million | 2019 | 2018 |
Interest income on money market loans and deposits | 1 | 1 |
Finance income on loans from group companies | 84 | 92 |
Currency translation differences | - | 1 |
Total | 85 | 94 |
Alliander uses FX swaps to hedge the currency risk. The exchange differences arise from the effect which the movements in the US dollar exchange rate against the euro have on the finance raised in foreign currencies under the Euro-Commercial Paper (ECP) Programme.
The finance income from loans to group companies was down by €8 million compared with 2018 as a result of changes in the interest rate charged and changes in the composition of group companies.