Annual report 2010 - Dexia.com

Notes to the consolidated financial statementsManagement reportB.2. Liabilities31/12/09 31/12/10Level 1 (1) Level 2 (2) Level 3 (3) Total Level 1 (1) Level 2 (2) Level 3 (3) TotalFinancial liabilities held fortrading 212 62 1 275 450 313 0 763Financial liabilitiesdesignated at fair value 0 15,691 3,379 19,070 238 17,556 1,596 19,390Derivatives 3 54,492 3,869 58,364 3 63,484 8,860 72,347Total 215 70,245 7,249 77,709 691 81,353 10,456 92,500(1) Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.(2) Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability,either directly (i.e. as prices) or indirectly (i.e. derived from prices).(3) Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observablemarket data (unobservable inputs).Consolidatedfinancial statementsC. Transfer between Level 1 and Level 2 fair value hierarchy31/12/09 31/12/10Assets From 1 to 2 From 2 to 1 From 1 to 2 From 2 to 1Financial assets held for trading 321 32 3 15Financial assets available for sale – bonds 33 1,105 1,968 95Financial assets available for sale – equities 0 0 0 3Derivatives 130 0 0 0Total 484 1,137 1,971 113In 2010, bonds emitted by Republic of Greece and Republic of Portugal were transferred from level 1 into level 2.Additional information Annual financial statements31/12/09 31/12/10Liabilities From 1 to 2 From 2 to 1 From 1 to 2 From 2 to 1Financial liabilities held for trading 0 1 0 0Total 0 1 0 0206 Dexia Annual report 2010