Notes to Consolidated Financial Statements continued Thousands of Georgian Lari 9. Investment Securities 2018 2017 2016 Investment securities measured at FVOCI – debt instruments 2,018,061 n/a n/a Investment securities designated as at FVOCI – equity investments 956 n/a n/a Available for sale investment securities n/a 1,564,869 1,286,003 Investment securities 2,019,017 1,564,869 1,286,003 2018 2017 2016 Georgian Ministry of Finance treasury bonds* 927,594 n/a n/a Georgian Ministry of Finance treasury bills** 100,111 n/a n/a Certificates of deposit of central banks*** 71,156 n/a n/a Other debt instruments**** 919,200 n/a n/a Investment securities measured at FVOCI – debt instruments 2,018,061 n/a n/a 2018 2017 2016 Georgian Ministry of Finance treasury bonds* n/a 847,839 811,532 Georgian Ministry of Finance treasury bills** n/a 77,460 88,411 Certificates of deposit of central banks*** n/a 73,415 24,015 Other debt instruments**** n/a 564,801 360,597 Corporate shares n/a 1,354 1,448 Available for sale investment securities n/a 1,564,869 1,286,003 *GEL 573,517 was pledged for short-term loans from the NBG (2017: GEL 448,558, 2016: GEL 712,169). **Nil was pledged for short-term loans from the NBG (2017: Nil, 2016: GEL 55,842). *** Nil was pledged for short-term loans from the NBG (2017: Nil, 2016: GEL 9,402). ****GEL 674,616 was pledged for short-term loans from the NBG (2017: GEL 475,735, 2016: GEL 286,832). Other debt instruments as at 31 December 2018 mainly comprises bonds issued by the European Bank for Reconstruction and Development of GEL 249,659 (2017: GEL 268,057, 2016: 133,055), GEL-denominated bonds issued by The Netherlands Development Finance Company of GEL 163,454 (2017: nil, 2016: nil), GEL-denominated bonds issued by Black Sea Trade and Development Bank of GEL 136,504 (2017: GEL 60,625, 2016: GEL 60,454), GEL-denominated bonds issued by International Finance Corporation of GEL 110,545 (2017: GEL 110,862, 2016: GEL 28,402), GEL-denominated bonds issued by Asian Development Bank of GEL 65,145 (2017: GEL 65,245, 2016: GEL 64,921), and Dollar-denominated bonds issued by internationally recognised investment bank of nil (2017: GEL 26,666, 2016: nil). During the period expected credit loss recognised on investment securities measured at FVOCI – debt instruments amounted to GEL 1,619 (2017: n/a, 2016: n/a), which was mainly due to the increase in gross carrying value for the period. 218 Annual Report 2018Bank of Georgia Group PLC