XVIII. EXPLANATIONS ON BORROWINGS
Trading financial liabilities and derivative instruments are valued with the fair value and the rest of financial liabilities are carried at amortised cost using the effective yield method.
The Bank utilises various hedging techniques to minimize the currency, interest rate and liquidity risks of its financial liabilities. No convertible bills are issued for the period.
Transaction costs regarding the issuance of share certificates are accounted as expense in the income statement.
Distribution of profit for the period 1 January-31 December 2003, resolved at the General Meeting of Shareholders, is explained in Section I, Note III-g.
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