106 14. FINANCIAL INSTRUMENTS  (i) Current assets and current liabilities (ii) Investments and other assets (a) The fair value of publicly traded shares included in this category is determined by the closing market values for those investments. (b) The fair value of other investments in this category approximates their carrying value. (iii) Long-term debt (iv) Derivative financial instruments (thousands of Canadian dollars) 2000 Carrying Estimated amount fair value Long-term debt Bank loans 297,030 297,030 Derivative financial instruments Cross-currency exchange agreements – 11,790 297,030 308,820 The fair values of financial instruments have been determined as follows: Fair Values The fair values of financial instruments included in current assets and liabilities approximate their carrying values due to their short-term nature. The carrying value of the Company’s bank loans approximates their fair value because interest charges under the terms of the bank loans are based upon current Canadian bank prime and bankers’ acceptance rates and on U.S. bank base and LIBOR rates. The fair value of interest rate and cross-currency exchange agreements is based upon quotations by the counterparties to the agreements. The estimated fair values of long-term debt and related derivative financial instru- ments are as follows: Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are sub- jective in nature and involve uncertainties and matters of significant judgement and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.