9. Securities Designated at Fair Value through Profit or Loss
| In billions of Russian Roubles | 2012 | 2011 |
|---|---|---|
| Federal loan bonds (OFZ bonds) | 8.5 | 30.5 |
| Foreign government bonds | 0.9 | 0.2 |
| Corporate bonds | 0.8 | — |
| Municipal and subfederal bonds | — | 0.1 |
| Total debt securities designated at fair value through profit or loss | 10.2 | 30.8 |
| Corporate shares | 7.0 | 21.2 |
| Investments in mutual funds | 2.0 | — |
| Total securities designated at fair value through profit or loss | 19.2 | 52.0 |
The Group irrevocably designated the above securities that are not part of its trading book, as at fair value through profit or loss. The securities meet the criteria for classification as at fair value through profit or loss because Management of the Group assesses performance of these investments based on their fair values in accordance with the Policy of the Group for securities portfolios classification. Fair value of securities designated at fair value through profit or loss is based on their market quotations and valuation models with use of data both observable and not observable on the open market.
Securities designated at fair value through profit or loss are carried at fair value, which also reflects credit risk related write downs. Analysis by credit quality of debt securities designated at fair value through profit or loss outstanding at 31 December 2012 is as follows:
| In billions of Russian Roubles | Investment rating | Speculative rating | Not rated | Total |
|---|---|---|---|---|
| Federal loan bonds (OFZ bonds) | 8.5 | — | — | 8.5 |
| Foreign government bonds | — | 0.8 | 0.1 | 0.9 |
| Corporate bonds | 0.6 | 0.2 | — | 0.8 |
| Total debt securities designated at fair value through profit or loss | 9.1 | 1.0 | 0.1 | 10.2 |
Analysis by credit quality of debt securities at fair value through profit or loss outstanding at 31 December 2011 is as follows:
| In billions of Russian Roubles | Investment rating | Speculative rating | Not rated | Total |
|---|---|---|---|---|
| Federal loan bonds (OFZ bonds) | 30.5 | — | — | 30.5 |
| Foreign government bonds | — | 0.2 | — | 0.2 |
| Municipal and subfederal bonds | — | 0.1 | — | 0.1 |
| Total debt securities designated at fair value through profit or loss | 30.5 | 0.3 | — | 30.8 |
Credit quality in the tables above is based on the rating scale developed by the international rating agencies.
At 31 December 2012 and 31 December 2011 there are no renegotiated balances that would otherwise be past due. Debt securities designated at fair value through profit or loss are not collateralised. All debt securities designated at fair value through profit or loss are not past due.
Currency and maturity analyses of securities designated at fair value through profit or loss are disclosed in Note 32. The information on securities designated at fair value through profit or loss issued by related parties is disclosed in Note 38.