174 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS OF AEGON N.V.  NOTE 15.5 - 16 The closing balances of the revaluation reserve for available- for-sale investments relate to the following instruments: The cash flow hedging reserve is made up of (un)realized gains  and losses on the effective portions of hedging instruments, net  of tax. The amounts are recognized in the income statement at  the moment of realization of the hedged position to offset the  gain or loss from the hedged cash flow. No amounts have been  released from equity to be included in the initial measurement  of non-financial assets or liabilities.  NOTE 15.5 OTHER RESERVES  The foreign currency translation reserve includes the currency  results from investments in non-euro denominated subsidiaries.  The amounts are released to the income statement upon the  sale of the subsidiary. The net foreign investment hedging reserve is made up of gains  and losses on the effective portions of hedging instruments,  net of tax. The amounts are recognized in the income statement  at the moment of realization of the hedged position to offset  the gain or loss from the net foreign investment. The equity movements of associates reflect AEGON’s share of  changes recognized directly in the associate’s equity.  2010 2009 2008 Shares 246 119 54 Debt securities 242  (2,050) (7,910) Other 5 3 (8) REVALUATION RESERVE FOR AVAILABLE-FOR-SALE INVESTMENTS 493  (1,928) (7,864) Foreign  currency  translation  reserve Net foreign  investment  hedging  reserve Equity  movements  of associates Total At January 1, 2010 (2,213) (82) (11) (2,306) Movement in foreign currency translation  and net foreign investment hedging reserves  1,308 (262) – 1,046 Tax effect (118) 67 – (51) Transfer from other heading within equity (17) – – (17) Equity movements of associates – – (25) (25) AT DECEMBER 31, 2010 (1,040) (277) (36) (1,353) At January 1, 2009 (2,167) (13) (38) (2,218) Movement in foreign currency translation  and net foreign investment hedging reserves (104) (94) – (198) Disposal of a business 29 – – 29 Tax effect 29 25 – 54 Equity movements of associates – – 27 27 AT DECEMBER 31, 2009 (2,213) (82) (11) (2,306) At January 1, 2008 (1,760) (250) (31) (2,041) Movement in foreign currency translation  and net foreign investment hedging reserves  (362) 280 – (82) Tax effect (45) (43) – (88) Equity movements of associates – – (7) (7) AT DECEMBER 31, 2008 (2,167) (13) (38) (2,218)