120 NOTEs TO THE FINANCIAL sTATEMENTs  FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 36. FINANCIAL AND CAPITAL RIsk MANAGEMENT (CONTINUED) (e) FAiR VAlue The carrying amounts and fair values of financial assets and financial liabilities at reporting date are: Market values have been used to determine the fair value of listed available for sale investments. The fair value of the senior notes and lease liabilities have been calculated by discounting the future cash flows by interest rates  for liabilities with similar risk profiles. The discount rates applied range from 1.93% to 13.29% (2012: 2.12% to 13.32%).  The carrying value of all other balances approximate their fair value. The Group uses various methods in estimating the fair value of a financial instrument. The methods comprise: The fair value of the financial instruments as well as the methods used to estimate the fair value are summarised in  the table below: As at 30 June 2013 leVel 1 $’000 leVel 2 $’000 leVel 3 $’000 ToTAl $’000 Financial assets Derivative assets  –   18,833   –   18,833  Available for sale investments  1,929   –   –   1,929   1,929   18,833   –   20,762  Financial liabilities Derivative liabilities  –   74,917   –   74,917   –   74,917   –   74,917  As at 24 June 2012 LEVEL 1 $’000 LEVEL 2 $’000 LEVEL 3 $’000 TOTAL $’000 Financial assets Derivative assets  –   27,163   –   27,163  Available for sale investments  1,991   –   –   1,991   1,991   27,163   –   29,154  Financial liabilities Derivative liabilities  –   95,628   –   95,628  –   95,628   –   95,628 CARRyinG VAlue 2013 $’000 FAiR VAlue 2013 $’000 CARRYING VALUE 2012 $’000 FAIR VALUE 2012 $’000 Financial assets Cash and cash equivalents  533,531   533,531   358,364   358,364  Receivables  287,457   287,457   323,242   323,242  Derivative assets  18,833   18,833   27,163   27,163  Available for sale investments  1,929   1,929   1,991   1,991  Other financial assets  10,608   10,608   14,682   14,682   852,358   852,358   725,442   725,442  Financial liabilities Payables  235,919   235,919   282,637   282,637  Interest bearing liabilities: Bank borrowings  129,552   129,552   726,488   726,488  Senior notes  498,208   498,848   466,302   467,348  Finance lease liability  10,452   17,929   14,583   23,840  Derivative liabilities  74,917   74,917   95,628   95,628   949,048   957,165   1,585,638   1,595,941  (a) quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1); (b) inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices)  or indirectly (derived from prices) (level 2); and (c) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3).