20.3 Hedging reserve
| (in PLNm) | Year ended December 31, 2022 |
Year ended December 31, 2021 |
|---|---|---|
| AS AT JANUARY 1 | 609 | (13) |
| Change in hedging reserve: | (791) | 768 |
| Valuation of hedging instruments, including: | (788) | 756 |
| Recognition of the effective part of change in fair value of hedging instruments in the part considered as effective hedge | (728) | 762 |
| Accrued interest on derivative transferred from valuation reserve and included in interest expense | (45) | (8) |
| Currency revaluation of CCIRS transactions transferred from capital and recognised in foreign exchange result | (13) | 2 |
| Ineffective portion of changes in fair value of hedging derivatives recognised in profit or loss | (2) | – |
| Valuation of other financial assets | (3) | 12 |
| Deferred tax | 150 | (146) |
| AS AT DECEMBER 31 | (32) | 609 |
The hedging reserve mainly includes the valuation of cash flow hedges.