| (17) FAIR VALUE OF FINANCIAL INSTRUMENTS |
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2010 |
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2009 |
| (Amounts in EUR million) |
Carrying amount |
Fair value |
Difference |
|
Carrying amount |
Fair value |
Difference |
| Assets |
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Cash accounts with banks ¹ |
14 |
14 |
- |
|
9 |
9 |
- |
| |
Cash equivalents at fair value through profit or loss held for trading ¹ |
791 |
791 |
- |
|
555 |
555 |
- |
| |
Other cash and cash equivalents held-to-maturity ² |
1,921 |
1,921 |
- |
|
410 |
410 |
- |
| Cash and cash equivalents, total |
2,726 |
2,726 |
- |
|
974 |
974 |
- |
| Placements with credit institutions ² |
130 |
130 |
- |
|
85 |
85 |
- |
| |
Debt securities at fair value through profit or loss held for trading ¹ ³ |
2,685 |
2,685 |
- |
|
3,298 |
3,298 |
- |
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Other debt securities held-to-maturity ¹ |
2,390 |
2,409 |
19 |
|
2,361 |
2,390 |
29 |
| Debt securities, total |
5,075 |
5,094 |
19 |
|
5,659 |
5,688 |
29 |
| Other financial placements available for sale ³ |
26 |
26 |
- |
|
20 |
20 |
- |
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Hedged loans outstanding in fair value hedging relationships ² |
1,548 |
1,548 |
- |
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1,376 |
1,376 |
- |
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Loans outstanding, other ² |
12,224 |
12,230 |
6 |
|
12,386 |
12,397 |
10 |
| Loans outstanding, total |
13,771 |
13,778 |
6 |
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13,763 |
13,773 |
10 |
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Hedging derivatives at fair value ² |
2,456 |
2,456 |
- |
|
1,319 |
1,319 |
- |
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Other derivatives at fair value ² |
262 |
262 |
- |
|
145 |
145 |
- |
| Derivatives at fair value, total |
2,718 |
2,718 |
- |
|
1,464 |
1,464 |
- |
| Receivables from defaulted counterparties at fair value ³ |
32 |
32 |
- |
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19 |
19 |
- |
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26 |
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39 |
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| Liabilities |
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| Short-term amounts owed to credit institutions ² |
1,131 |
1,131 |
- |
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452 |
452 |
- |
| Long-term amounts owed to credit institutions ² |
144 |
144 |
- |
|
201 |
201 |
- |
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Hedged debt securities issued in fair value hedging relationships ² |
19,555 |
19,555 |
- |
|
17,701 |
17,701 |
- |
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Other debt securities issued ² |
155 |
155 |
- |
|
74 |
75 |
- |
| Debt securities issued, total |
19,710 |
19,710 |
- |
|
17,775 |
17,775 |
- |
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Hedged other debt in fair value hedging relationships ² |
232 |
232 |
- |
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222 |
222 |
- |
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Other debt ² |
2 |
2 |
- |
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- |
- |
- |
| Other debt, total |
234 |
234 |
- |
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222 |
222 |
- |
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Hedging derivatives at fair value ² |
602 |
602 |
- |
|
821 |
821 |
- |
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Other derivatives at fair value ² |
515 |
515 |
- |
|
603 |
603 |
- |
| Derivatives at fair value, total |
1,117 |
1,117 |
- |
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1,424 |
1,424 |
- |
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- |
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- |
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| Net |
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26 |
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39 |
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¹ The fair value is determined according to market quotes for identical instruments.
² The fair value is determined using valuation techniques with observable market inputs.
³ The fair value is determined using valuation techniques with unobservable market inputs.
| Financial instruments measured at fair value at the end of the period |
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The table below analyses financial instruments measured at fair value at the end of the year by the level in the fair value hierarchy into which the fair value measurement is categorised. See Accounting policies, Determination of fair value.
| 31 Dec 2010 (Amounts in EUR million) |
Level 1 |
Level 2 |
Level 3 |
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| Cash accounts with banks |
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14 |
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| Cash equivalents at fair value through profit or loss held for trading |
|
791 |
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| Debt securities at fair value through profit or loss held for trading |
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2,622 |
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63 |
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| Other financial placements available for sale |
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26 |
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| Hedged loans outstanding in fair value hedging relationships |
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1,548 |
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| Derivatives |
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2,718 |
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| Receivables from defaulted counterparties |
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32 |
¹ |
| Financial assets measured at fair value, total |
3,427 |
4,266 |
121 |
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| Hedged debt securities issued in fair value hedging relationships |
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19,555 |
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| Hedged other debt in fair value hedging relationships |
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232 |
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| Derivatives |
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1,117 |
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| Financial liabilities measured at fair value, total |
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20,904 |
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| 31 Dec 2009 (Amounts in EUR million) |
Level 1 |
Level 2 |
Level 3 |
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| Cash accounts with banks |
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9 |
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| Cash equivalents at fair value through profit or loss held for trading |
555 |
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| Debt securities at fair value through profit or loss held for trading |
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3,298 |
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| Other financial placements available for sale |
20 |
² |
| Hedged loans outstanding in fair value hedging relationships |
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1,376 |
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| Derivatives |
1,464 |
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| Receivables from defaulted counterparties |
19 |
¹ |
| Financial assets measured at fair value, total |
3,862 |
2,840 |
39 |
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| Hedged debt securities issued in fair value hedging relationships |
17,701 |
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| Hedged other debt in fair value hedging relationships |
222 |
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| Derivatives |
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1,424 |
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| Financial liabilities measured at fair value, total |
19,347 |
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¹ Receivables from defaulted treasury counterparties are measured at fair value. Receivables from defaulted lending counterparties are measured at cost minus impairment.
² Including transfer of loans EUR 9 million to other financial placements.
Nordic Investment Bank – Annual Report 2010
