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Notes to the Accounts

16 Fair Values
               
           
        2010 2009
EURm     Fair value Carrying amount Fair value Carrying amount
Financial assets, Group            
  Financial assets     17,508 17,508 15,479 15,479
  Investments related to unit-linked contracts     3,127 3,127 2,366 2,366
  Other assets     23 23 57 57
  Cash and cash equivalents     515 527 771 771
  Total     21,173 21,184 18,674 18,674
               
Financial liablities, Group            
  Financial liabilities     2,214 2,187 2,107 2,098
  Other liabilities     67 67 7 7
  Total     2,281 2,254 2,114 2,105
               
In the table above are presented fair values and carrying amounts of financial assets and liabilities. The detailed measurement bases of financial assets and liabilities are disclosed in Group Accounting policies.
 
The fair value of investment securities is assessed using quoted prices in active markets. If published price quotations are not available, the fair value is assessed using discounting method. Values for the discount rates are taken from the market’s yield curve.
 
The fair value of the derivative instruments is assessed using quoted market prices in active markets, discounting method or option pricing models.
 
The fair value of loans and other financial instruments which have no quoted price in active markets is based on discounted cash flows, using quoted market rates. The market’s yield curve is adjusted by other components of the instrument, e.g. by credit risk.
 
The fair value for short-term non-interest-bearing receivables and payables is their carrying amount.
 
Disclosed fair values are "clean" fair values, i.e. less interest accruals.
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