Note 6 Investments in bonds
€ million | |
Carrying amount as at 1 January 2019 | 156 |
Movements 2019 | |
Currency translation differences | 3 |
Adjustment expected credit loss | 1 |
Total | 4 |
Carrying amount as at 31 December 2019 | 160 |
Movements 2020 | |
Currency translation differences | -13 |
Total | -13 |
Carrying amount as at 31 December 2020 | 147 |
Investments in bonds as at year-end 2020 comprises investments in a debt instrument issued by a large financial institution which serves to cover obligations arising from two cross-border lease contracts (2020: €147 million). The carrying amount of the related lease liabilities was €150 million at year-end 2019 (2019: €162 million). The carrying amount of the investments as at year-end 2020 includes a €1 million provision for credit risk (2019: €1 million).