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Notes to the Group’s Financial Statements

16 Fair values
2014 2013
EURm Fair value Carrying
Fair value Carrying
Financial assets, group
Financial assets 16,933 16,930 16,827 16,824
Investments related to unit-linked contracts 5,259 5,259 4,616 4,616
Other assets 79 79 17 17
Cash and cash equivalents 2,071 2,074 779 785
Total 24,343 24,342 22,240 22,242
Financial liablities, group
Financial liabilities 2,517 2,423 2,273 2,193
Other liabilities 90 90 26 26
Total 2,607 2,513 2,299 2,219
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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