Recital 2

(2)On 17 December 2003 the International Accounting Standard Board (IASB) published revised International Accounting Standard (IAS) 39 Financial Instruments: Recognition and Measurement . IAS 39 establishes mainly basic principles for recognising and measuring financial assets and financial liabilities and was adopted by the European Commission by Commission Regulation (EC) No 2086/2004 ³ as of 19 November 2004, with the exception of certain provisions on the use of the full fair value option and on hedge accounting.