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2005 ANNUAL REPORT55ConsolidatedNotionalFair ValuesAmount Assets LiabilitiesDecember 31, 2004:Currency forwards/futures P 24,035,430 P 170,240 P 436,139Currency spot 2,253,216 179 530Credit default swaps 1,690,200 - 16,290Currency swaps 1,126,534 159,356 163,434Interest rate swaps 6,369 6,368 -P 29,111,749 P 336,143 P 616,393Parent CompanyNotionalFair ValuesAmount Assets LiabilitiesDecember 31, 2005:Currency forwards/futures P 18,881,751 P 224,705 P 285,768Currency swaps 2,273,814 260,286 59,387Credit linked notes (see Note 7) 18,751,861 218,286 82,372Credit linked deposits (see Note 9) 3,098,657 21,843 -Interest rate swaps 1,602,100 515,742 567,204Currency spot 253,984 120 105P 44,862,167 P 1,240,982 P 994,836December 31, 2004:Currency forwards/futures P 24,046,911 P 98,864 P 220,262Currency swaps 1,140,457 6,771 111,765Currency spot 2,253,216 179 530P 27,440,584 P 105,814 P 332,557The fair value gain or loss recognized in the statements of income determined using valuation technique amounted to P472,889 gain andP226,743 loss in 2005 and 2004, respectively, in the parent company financial statements and P635,441 gain and P280,250 loss in 2005and 2004, respectively, in the consolidated financial statements representing the derivative financial assets owned by the Group.8. AVAILABLE-FOR-SALE SECURITIESThe Group’s available-for-sale securities consist of the following:ConsolidatedParent2005 2004 2005 2004Government debt securities P 27,299,933 P 17,145,777 P 23,912,239 P 16,391,468Other debt securitiesQuoted 19,490,524 19,573,229 19,490,524 17,773,862Not Quoted 1,939,256 10,359 - -Equity sharesQuoted 552,617 81,519 60,750 28,125Not Quoted 349,157 341,391 39,672 30,45049,631,487 37,152,275 43,503,185 34,223,905Allowance for impairment losses ( 111,350) - ( 111,350) -Net P 49,520,137 P 37,152,275 P 43,391,835 P 34,223,905As to currency, this account is composed of the following:ConsolidatedParent2005 2004 2005 2004Foreign currency P 39,624,443 P 31,321,067 P 8,290,306 P 5,188,606Peso 9,895,694 5,831,208 35,101,529 29,035,299P 49,520,137 P 37,152,275 P 43,391,835 P 34,223,905Government and other debt securities issued by resident and non-resident corporations earn interest at 5.44% to 16.00% per annum in2005 and 7.56% to 20.50% per annum in 2004 in the parent company financial statements and 3.1% to 16.50% per annum in 2005 and2.94% to 20.5% per annum in 2004 in the consolidated financial statements.