Notes to the Financial Statements (continued)  38. Financial Instruments (continued)  (c) Foreign  Exchange  (d) Net fair value of financial assets and liabilities  The following table summarises by currency the Australian dollar value of forward foreign exchange agreements. Foreign currency amounts are translated at rates current at the reporting date. The ‘buy’ amounts represent the  Australian dollar equivalent of commitments to purchase foreign currencies. Contracts to buy and sell foreign currency  are entered into from time to time to offset purchase and sale obligations so as to maintain a properly hedged position. The carrying amounts of trade receivables, trade creditors, bank loans, investment securities (current) and  outstanding forward foreign exchange contracts approximate their fair values.  The carrying amounts and estimated net fair values of other financial assets (and financial liabilities) held at balance  date are given below. Short term instruments where carrying amounts approximate net fair values, are omitted. The net  fair value of a financial asset (or a financial liability) is the amount at which the asset could be exchanged, or liability  settled in a current transaction between willing parties after allowing for transaction costs.  The carrying amounts shown in the table are included in the Statement of Financial Position under the indicated  captions. In the current year, investment securities carried at cost in "Other Financial Assets" (Non-Current) are:  The interest rate swaps are recorded in the books at $300,000,000 and the fair value, based on the market value at  30 June 2003, is $295,736,109 (2002: $101,155,969 on a fixed interest rate swap of $100 million).  The following methods and assumptions were used to estimate the net fair value of each class of financial instrument:  67  HARVEY NORMAN HOLDINGS LIMITED AND ITS CONTROLLED ENTITIES – ANNUAL REPORT 2003 Briscoe Group Limited, with a carrying value of $4,583,552 and a net fair value, based on the market value at 30  June 2003, of $9,440,093.  Gazal Corporation Limited, with a carrying value and net fair value of $2,350,000.  CONSOLIDATED 2003 2002 Average Exchange Rate  Buy  Sell  Buy  Sell  2003 2002 $000 $000 $000 $000 Currency Euro 6 months or less  56.71  -  1,712 - - - US Dollar 4 months or less  61.56  54.20  8,636 - 186 - Canadian Dollar 4 months or less  -  85.11  - 1,169 - Total 10,348 - 1,355 - CONSOLIDATED 2003 2002  Carrying amount per Statement of  Financial Position  Net Fair Value  Carrying amount per Statement of  Financial Position  Net Fair Value  $000 $000 $000 $000 Financial assets:  Other financial assets current  non-current  -  6,934  -  11,790  -  6,478  -  11,594  Financial liabilities:  Interest-Bearing Liabilities Interest Rate Swap  300,000  295,736  100,000  101,156 