Marketable securities consist of governmental bonds and bonds of first-class banks that are traded in liquid markets. They are held for the purpose of investing in liquid funds and are not generally intended to be retained on a long-term basis. Marketable securities are initially recognised at acquisition costs inclusive transaction costs and are classified as available-for-sale investments. In subsequent periods marketable securities are valued at fair value. Changes of these fair values are recognised as gains or losses directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognised in equity is included in profit or loss of the period. Interest on the marketable securities is recognised directly in the income statement of the period they occur in.