Note 8 Derivatives
Current assets | Non-current assets | Short-term liabilities | Non-current liabilities | |||||
€ million | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 |
Foreign exchange contracts | - | - | - | - | - | - | - | - |
Carrying amount as at 31 December | - | - | - | - | - | - | - | - |
Derivatives are measured at fair value.
In 2021, the financing denominated in foreign currency raised earlier that year under the Euro Commercial Paper Programme was repaid. In order to eliminate currency risks, the foreign currency was immediately converted into euros by means of two foreign exchange swaps. The foreign exchange contracts were settled when the financing was repaid.
Two CBL transactions with associated investments in foreign currency were redeemed in 2021. Interest rate swaps were agreed to hedge the interest rate risk on this redemption. These interest rate swaps were also settled when the CBL transactions and associated investments were redeemed.
As at year-end 2021, they had a value of zero (2020: zero).