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Financial statements 2011
The total fair value reserve recognised in equity at the end of 2011 is EUR (83 676 914) (2010: EUR (42 709 617)).
Gains and losses on disposals of debt securities and other f ixed income securities amounts to EUR 82 215
(2010: EUR 2 002 257), of which none relates to Level 3.
EIF did not participate in the private sector initiative (PSI) for Greece as its bond holdings were not included on the list
of eligible securities in the context of the PSU initiative. No impairment is recorded on the portfolio and more specifi-
cally on EIF’s Greek available-for-sale sovereign and sovereign guaranteed bond holdings.
4.3 Shares and other variable income securities
Shares and other variable income securities are analysed as follows:
EUR
2011
2010
Investment at cost at 1 January
227 836 371
205 499 005
Disbursements
41 160 568
38 850 610
Capital repayments
(27 955 142)
(14 802 596)
Terminated deals
(1 085 440)
(1 710 648)
Investment at cost at 31 December
239 956 357
227 836 371
Fair value adjustment and foreign exchange adjustment at 1 January
(33 451 836)
(40 471 268)
Terminated deals
1 085 440
1 710 648
Adjustments to Fair value reserve
9 749 631
9 842 310
Impairment
(5 106 057)
(4 533 526)
Fair value adjustment and foreign exchange adjustment at 31 December
(27 722 822)
(33 451 836)
212 233 535
194 384 535
Investments in PE funds generated total revenue repay-
ments of EUR 3 758 414 (2010: EUR 10 878 493), which
relates to Level 3.
Terminated deals include deals matured during 2011. They
represent EUR 1 085 440 (2010: EUR 1 710 648) which
includes the remaining net paid in of EUR 1 085 440
(2010: EUR 1 710 648) and the foreign exchange impact
of EUR 0 (2010: EUR 0).
The fair value changes recorded in the fair value reserve
amount to EUR 9 749 631 (2010: EUR 9 842 310) and
include the impact of changes in the value of investments
EUR 8 512 402 (2010: EUR 7 547 903) and in the for-
eign exchange rates on the investments EUR 1 237 229
(2010: EUR 2 294 407).
A portion of the total fair value of shares and other vari -
able income securities amounting to EUR 1 020 806
(2010: 873 058) is classified as Level 1.
Inves tment s belonging to Categor y C amount to
EUR 3 854 165 (2010: EUR 3 377 259).
The fair value as of 31 December 2011 includes an amount
of EUR 3 626 331 (2010: EUR 3 375 484) related to
Investment in joint ventures.