Fair value

Value of a security calculated using a theoretical pricing model that takes into account factors on which the price depends.


The Foreign Account Tax Compliance Act (FATCA) is part of the tax legislation package that came into effect in the United States (US) in 2010. FATCA is aimed at preventing tax evasion by US taxpayers receiving income from foreign financial institutions. FATCA requires foreign financial institutions to enter into an agreement with the US tax authorities that obligates them to disclose all material data on their US clients to the US tax authorities.

Financial instruments available for sale

Available-for-sale financial instruments include securities that were not acquired with the intention of being held to maturity, or for short-term trading purposes. They are recognised at market value as of the balance sheet date. Fluctuations in market value are recognised directly in equity.

Financial result

The financial result consists of income and expenses for investments, interest expenses and other expenses. This includes, for example, income from securities, loans, real estate and participations, as well as bank interest and expenses incurred in the financial area, such as depreciation of owned real estate, write-downs of securities to listed market prices, bank fees or interest expenses for financing.