This item totals € 144,244 thousand and refers for € 84,047 thousand to shares in hedge funds and redeemable shares in asset management companies held by CIR International S.A.. The degree of liquidity of the investment is a function of the time required for the redemption of the funds, which normally varies from one to three months.
The fair value measurement of these funds involved a total value adjustment of € 15,049 thousand (€ 13,256 thousand at December 31 2009). The item also includes € 60,197 thousand of government securities and bonds held by the Espresso group. The effects of the change in these bonds on CIR’s equity for the part pertaining to the group and net of tax amounted to a negative € 240 million.