Fair value

The value of a financial instrument that is observable in the market or can be 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 assets available for sale

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

Financial assets held to maturity

These financial assets comprise debt securities that are intended to be held to maturity. They are measured initially at acquisition cost and are subsequently measured at amortised cost. In the case of permanent impairment, a write-down is recognised in profit or loss.

Financial result

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