In the event of a change in the method of measuring assets or liabilities, arising e.g. from losing (or gaining) the availability of quotations observed in an active market, such assets or liabilities are transferred between Levels I and II.
Both in 2015 and 2014, there were no significant transfers between Levels I and II and to or from Level III.
Elements of assets or liabilities are transferred between Levels II and III (respectively between Levels III and II) when:
- there is a change in the measurement model which results from the application of new unobservable (respectively observable) factors, or
- the factors which had been used so far, the impact on the measurement of which is significant, cease to be (or respectively become) observable on the active market.
Transfers between levels of the fair value hierarchy are made at the end of each financial year, according to the value at that date.