Notes to Consolidated Financial Statements continued Thousands of Georgian Lari 28. Fair Value Measurements Fair value hierarchy For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability. The following tables show analysis of assets and liabilities measured at fair value or for which fair values are disclosed by level of the fair value hierarchy: 31 December 2018 Level 1 Level 2 Level 3 Total Assets measured at fair value Total investment properties – – 151,446 151,446 Land – – 15,094 15,094 Residential properties – – 71,434 71,434 Non-residential properties – – 64,918 64,918 Investment securities – 2,018,622 395 2,019,017 Other assets – derivative financial assets – 35,557 – 35,557 Other assets – trading securities owned 4,652 – – 4,652 Loans to customers and finance lease receivables – – 8,379 8,379 Assets for which fair values are disclosed Cash and cash equivalents – 1,215,799 – 1,215,799 Amounts due from credit institutions – 1,305,216 – 1,305,216 Loans to customers and finance lease receivables – – 9,359,858 9,359,858 Liabilities measured at fair value: Other liabilities – derivative financial liabilities – 11,569 – 11,569 Liabilities for which fair values are disclosed Client deposits and notes – 8,129,794 – 8,129,794 Amounts owed to credit institutions – 2,560,563 434,316 2,994,879 Debt securities issued – 1,373,161 380,775 1,753,936 31 December 2017 Level 1 Level 2 Level 3 Total Assets measured at fair value Total investment properties – – 353,565 353,565 Land – – 122,394 122,394 Residential properties – – 66,206 66,206 Non-residential properties – – 164,965 164,965 Investment securities – 1,563,531 1,338 1,564,869 Other assets – derivative financial assets – 12,392 – 12,392 Other assets – trading securities owned 3,191 – – 3,191 Total revalued property – – 252,583 252,583 Infrastructure assets – – 252,583 252,583 Assets for which fair values are disclosed Cash and cash equivalents – 1,582,435 – 1,582,435 Amounts due from credit institutions – 1,225,947 – 1,225,947 Loans to customers and finance lease receivables – – 7,822,351 7,822,351 Liabilities measured at fair value: Other liabilities – derivative financial liabilities – 3,948 – 3,948 Liabilities for which fair values are disclosed Client deposits and notes – 6,716,763 – 6,716,763 Amounts owed to credit institutions – 2,625,385 530,454 3,155,839 Debt securities issued – 1,355,930 364,818 1,720,748 270 Annual Report 2018Bank of Georgia Group PLC