GENERAL MEETING DRAFT - Bankier.pl

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The value at which financial instruments are recognized is equal to their fair value on the same date.
The fair value of financial instruments, other than those designated at fair value through profit or loss, at
their recognition date is usually assumed to be equal to the amount collected or paid.
For financial instruments held for trading (see sections 1 and 14 of Part A.2 above) and instruments
designated at fair value (see sections 5 and 15 of Part A.2 above), any difference from the amount
collected or paid is posted under the appropriate items of the income statement.
The use of conservative valuation models, the processes described above for revising the models used
and related parameters and value adjustments to reflect model risk ensure that the amount recognized in
the income statement is not derived from the use of valuation parameters that cannot be observed.
More specifically, the calculation of value adjustments to reflect model risk ensures that the fair value
portion of these instruments relating to the use of subjective parameters is not recognized in the profit and
loss account, but changes the balance sheet value of these instruments.
Recognition of this portion in the profit and loss account is then made only when objective parameters are
applied and therefore the adjustments are derecognized.
The balance of value adjustments to reflect model risk changed from �48,559 thousand at December 31,
2008 to �144,674 thousand at December 31, 2009.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
230