Notes to the Financial Statements (continued)  38. Financial Instruments (continued)  Investment securities  Interest rate swap  (e) Credit risk exposure  Consolidated 2003  2002  Location of credit risk $000  $000  Australia  631,109  578,428  New Zealand  15,493  10,289  Singapore  66,206  50,346  Slovenia  7,477  3,967  United Kingdom  944  183  Ireland 134  -  Total  721,363  643,213  68  HARVEY NORMAN HOLDINGS LIMITED AND ITS CONTROLLED ENTITIES – ANNUAL REPORT 2003  The net fair values of listed investments are based on quoted market bid prices less estimated disposal costs which  are expected to be minimal.  The net fair value is estimated by discounting the anticipated future cash flows to their present value, based on  interest rates existing at the respective balance dates.  The consolidated entity’s exposures to on balance sheet credit risk are as indicated by the carrying amounts of its  financial assets. The consolidated entity does not have a significant exposure to any individual counterparty.  The consolidated entity minimises concentrations of credit risk by undertaking transactions with a large number of  debtors in various countries and industries.  The major geographic concentration of credit risk arises from the location of the counterparties to the consolidated  entity’s financial assets as shown in the following table:  Credit risk on financial assets is spread over the financial services and retail industries.