The movement in the value of the securities and deposits can be broken down as follows:

The fair value of the securities and deposits amounted to EUR 114.2 million (2007: EUR 44.6 million), with an average effective interest rate of 4.8% (2007: 4.5%).
The fair value of the non-freely negotiable financial instruments (i.e. the deposits) has been calculated using discounted cash flow valuation techniques, on the basis of the market conditions prevailing on the balance sheet date (including interest incurred).

Financial assets not at free disposal (i.e. securities and deposits) can be attributed as follows to the various activities:

The item minority participating interests relates to:

Energie Data Services Nederland (EDSN) B.V. is an innovative provider of high-quality services for the design, recording and improvement of supra-organisational administrative processes and the required message traffic for the liberalised energy market in the Netherlands. TenneT holds 25.0% of the shares in EDSN.

In 2008, the TSOs Cegedel Net, Elia, EnBW TNG, E.ON Netz, RTE, RWE Transportnetz Strom TSO and TenneT set up CASC‑CWE S.A. (Capacity Allocation Service Company for the Central Western European Electricity Market). This joint enterprise for cross-border services operates as an integrated auction house and was set up to implement and organise long-term (annual and monthly) auctions of transmission capacity on the borders between the five countries in the region.

Belpex S.A., Belgium’s electricity exchange, was established in 2005. TenneT holds 17.5% of the shares (10% directly, 7.5% indirectly through APX B.V. and HGRT S.A.S.).

Endex European Energy Derivatives Exchange N.V. is a long-term electricity contract exchange covering the Netherlands and Belgium. TenneT held 9.89% of the shares in Endex European Energy Derivatives Exchange N.V. In 2008, TenneT sold its shares in Endex N.V. to APX B.V., which acquired 100% of the shares.

The minority participating interests have been stated at fair value, with the movement in value recognised in the profit-and-loss account. The fair value has been derived from discounted cash flow calculations. The cash flow projections have been derived from long-term plans and the figures have been discounted to net present value, using discounting rates that reflect the risks associated with the activities.

The movement in the value of the minority participating interests can be broken down as follows:

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