14. Fair value of financial assets and liabilities
(a) Comparison of carrying value to fair value
The table below summarises the carrying amounts and fair values of the financial assets and liabilities not presented on the Company’s Statement of Financial Position at their fair value. None of the assets and liabilities in the Statement of Financial Position of the Company are measured at fair value.
Level 1 - financial assets and liabilities measured using quoted market prices (unadjusted).
Level 2 - financial assets and liabilities measured using valuation techniques which use observable market data.
Level 3 - financial assets and liabilities measured using valuation techniques which use unobservable market data.
The fair values of these financial instruments are measured according to the following fair value hierarchy:
| 2016 Financial assets |
Carrying Value €000 |
Level 1 €000 |
Level 2 €000 |
Level 3 €000 |
Fair Value €000 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 21,544 | 21,544 | - | - | 21,544 |
| Loans and receivables | 656,444 | - | 656,444 | - | 656,444 |
| 2015 Financial assets |
Carrying Value €000 |
Level 1 €000 |
Level 2 €000 |
Level 3 €000 |
Fair Value €000 |
| Cash and cash equivalents |
120,642 | 120,642 | - | - | 120,642 |
| Loans and receivables | 235,603 | - | 235,603 | - | 235,603 |
| 2016 Financial liabilities |
Carrying Value €000 |
Level 1 €000 |
Level 2 €000 |
Level 3 €000 |
Fair Value €000 |
|---|---|---|---|---|---|
| Funding and borrowings | 660,122 | - | 660,122 | - | 660,122 |
| 2015 Financial liabilities |
Carrying Value €000 |
Level 1 €000 |
Level 2 €000 |
Level 3 €000 |
Fair Value €000 |
| Funding and borrowings |
350,148 | - | 350,148 | - | 350,148 |
(b) Fair value measurement principles
(i) Cash and cash equivalents
The fair value of these financial instruments is equal to their carrying value being repayable on demand and short-term in nature.
(ii) Loans and receivables and funding and borrowings
The fair value of these financial instruments is equal to their carrying value purpose of these facilities. Carrying value is at amortised cost.