29 Actions Risk Liquidity levels Currency fluctuations Creditworthiness of customers We view all our customers as having high creditworthiness. However, we have factoring  agreements with two reputable financial institutions who assume all risks associated with the collection of receivables from selected customers. Dialog trades with selected customers on credit terms and receivable balances,  which could create a risk of bad debts.  The majority of Dialog’s revenue, material  costs and R&D expenses, to some extent are  in US dollar currency. There are, however,  foreign exchange risks associated with other  expenses such as wages and building rent,  recognised assets and liabilities in other  currencies, primarily the euro, the pound  sterling and Japanese yen. During 2012, Dialog continued to effectively hedge the majority of its currency exposure.  We use forward-currency contracts to hedge our exposure associated with the payment of non-US dollar wages, office rent and other expenses. We maximise the effectiveness of our  currency hedges by matching the terms and conditions of the hedge to those of the underlying  obligation. We typically use forward-currency contracts up to a maximum of 12 months out.  Over a short period in 2012, Dialog used US$10 million in credit facilities to temporary finance a peak in working capital. At the end of the year no overdraft was drawn. Dialog has no long-term debts except for those associated with the US$201 million convertible  bond launched in March 2012 with a five-year conversion. We structure the maturity of our current financial assets in the Group to meet 100% of the  respective maturities and liabilities. We monitor our liquidity on a quarterly basis, with the objective of avoiding interest on short-term bank liabilities or overdrafts. As a high growth company, we need to  balance the need for liquidity with the  avoidance of short-term overdrafts and  bank charges. 