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Net interest income increased to €154 million (2011: €147 million) as a result of the growth of our loan portfolio and increasing credit spreads.

As a result of uncertainty within the financial markets FMO’s cost of USD funding increased slightly. However due to our AAA rating, stable financial performance and solid capital base, we were able to attract sufficient funding at a still competitive price.

The results from financial transactions were positively influenced by the sale of some interest-bearing securities which were no longer considered a fit with our investment policy. The value of embedded derivatives in the emerging markets portfolio declined.

FMO receives fees for the management of Government funds. This remuneration amounted to €17 million (2011: € 17 million).