Securities held for trading

17. Securities held for trading

Securities held for trading amount to Euros 114,039 thousand (Euros 119,174 thousand at December 31, 2006) and include the following:

  • Euros 85,753 thousand of variable rate bonds issued and guaranteed by banking institutions;
  • Euros 6,415 thousand of listed fixed rate bonds;
  • Euros 21,213 thousand of equity shares, of which Euros 15,631 thousand relates to listed shares;
  • Euros 658 thousand of other securities.

The positions are held at leading banks.

For listed securities, the fair value corresponds to the stock market price at December 31, 2007.

For unlisted securities, the fair value was estimated using appropriate estimation techniques.

Changes in fair value are recognized in the income statement under “gains (losses) from changes in fair value of financial assets” (Note 37).