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Türkiye Vakıflar Bankası Türk Anonim Ortaklığı
and Its Financial Subsidiaries Consolidated Financial Report as at and
For the Year Ended 31 December 2013
(Currency: Thousands of Turkish Lira (“TL”))
Convenience Translation of the Consolidated Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Section 3 Note I
Classification of Fair Value Measurement
TFRS 7 –
Financial Instruments:
Disclosures requires the measurements of fair value of financial instruments to be classified in a hierarchy that reflects
the significance of the valuation inputs used. This classification prioritises observable data, using market data obtained from independent sources, in
preference to unobservable data that relies, for example on the use of predictions and assumptions about market prices by the Group. This sort of
categorization generally results in the classifications below:
Level 1: Fair value measurements using quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Fair value measurements using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly (i.e. prices) or indirectly (i.e. derived from prices).
Level 3: Fair value measurements using inputs for the assets or liability that are not based on observable market data (i.e. unobservable inputs)
Classification requires using observable market data if possible.
The classification of fair value measurements of financial assets and liabilities measured at fair value is as follows:
31 December 2013
Level 1
Level 2
Level 3
Total
Financial assets at fair value through profit/loss:
Financial assets held for trading purpose:
Debt securities
139,074
69,686
-
208,760
Derivative financial assets held for trading purpose
-
438,395
-
438,395
Investment funds
5,441
-
-
5,441
Equity securities
2,996
-
27
3,023
Available-for-sale financial assets
Equity securities
-
-
2,610
2,610
Debt securities
14,977,906
1,666,128
-
16,644,034
Investments in associates and subsidiaries
169,019
-
214,890
(*)
383,909
Total Financial Assets
15,294,436
2,174,209
217,527
17,686,172
Financial liabilities at fair value through profit/loss:
Derivative financial liabilities held for trading purpose
-
(219,480)
-
(219,480)
Total Financial Liabilities
-
(219,480)
-
(219,480)
31 December 2012
Level 1
Level 2
Level 3
Total
Financial assets at fair value through profit/loss:
Financial assets held for trading purpose:
Debt securities
148,155
52,144
-
200,299
Derivative financial assets held for trading purpose
-
89,425
-
89,425
Investment funds
4,057
-
-
4,057
Equity securities
2,682
-
27
2,709
Available-for-sale financial assets
Equity securities
1,496
-
-
1,496
Debt securities
14,320,383
2,152
-
14,322,535
-
-
Investments in associates and subsidiaries
160,765
-
166,417
(*)
327,182
Total Financial Assets
14,637,538
143,721
166,444
14,947,703
Financial liabilities at fair value through profit/loss:
Derivative financial liabilities held for trading purpose
-
(199,692)
-
(199,692)
Total Financial Liabilities
-
(199,692)
-
(199,692)
(*)
These amounts consist of fair value of the affiliates and subsidiaries determined by independent valuation companies.
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