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HMRC internal manual

Corporate Finance Manual

Accounting for corporate finance: hedging: IAS 39: macro hedging

Macro hedging

Macro hedging is a technique designed to reduce risk in a portfolio of assets and liabilities. It is mainly used by banks and similar financial institutions.

By way of an amendment issued by the IASB in March 2004, IAS 39 allows hedge accounting for a fair value hedge of interest rate risk (and no other sort of hedge) of a portfolio of financial assets or financial liabilities. There is more detail at CFM27200.

There remains a ‘carve-out’ under the EU endorsement process in respect of macro-hedging - see CFM21020.