2020 
R'000  		2019 
R'000 
21.  Investments 
Investments are measured as follows: 
Amortised cost  140 547      135 207    
Fair value through other comprehensive income  78 775      563 990    
Fair value through profit or loss  2 954 160      2 245 235    
3 173 482      2 944 432    
Long-term portion of listed investments  1 756 609      1 500 828    
Long-term portion of unlisted investments  275 328      232 123    
Short-term portion of unlisted investments  1 141 545      1 211 481    
3 173 482      2 944 432    
Fair value hierarchy of investments 
Investments and loans held at cost or amortised cost  140 547      135 207    
Investments held at fair value as determined on inputs based on:  3 032 936      2 809 225    
   Unadjusted quoted prices in an active market for identical assets  1 756 598      1 498 093    
   Factors that are not based on observable market data  1 276 338      1 311 132    
3 173 483      2 944 432    
Analysis of investments at a fair value not determined by observable market data 
Balance at the beginning of year  1 311 132      1 056 988    
On acquisition of business  29 627      3 798    
Purchases and loan advances  41 169      10 540    
Fair value adjustment recognised through other comprehensive income  55      5    
Fair value adjustment arising during the year recognised in the income statement  (102 831)    248 830    
Proceeds on disposal, repayment of loans or transfers to other categories  (3 396)    (12 906)   
Profit on disposal of investments  –      2 085    
Exchange rate adjustments  582      1 792    
1 276 338      1 311 132    

Investments measured at fair value through other comprehensive income includes R23 million VISA shares and R52 million preference shares. These investments are held by the Bank who has irrevocably elected to present the subsequent changes in fair value on these investments through other comprehensive income. It is the intention of the Bank to hold these equity investments over the long term, however, these investments may be realised prior to maturity date. In the prior period, the Bank's investments measured at fair value through other comprehensive income included an interest-bearing listed Government bond (R186) in the amount of R341 million, with a coupon interest rate of 10.5% and a maturity date of 21 December 2027.

Investments and loans held at amortised cost consists of enterprise development loans in the amount of R19 million, and term loans to Makana Investment Corporation of R71 million following the disposal of Renfreight and R40 million to the Sekta Group following the disposal of TMS.

The Group's effective beneficial interest in the Indian-based Mumbai International Airport Private Limited (MIAL) is an unlisted investment held at fair value through profit or loss, where the fair value is not based on observable market data (Level 3). The carrying value of this investment at 30 June 2020, based on the directors' valuation at 30 June 2020, is R1 billion (₹1cr 496.6) (2019: R1 billion (US$86 million)). The valuation of MIAL is fair value less cost to sell and was based on a signed sale agreement, subject to suspensive and conditions precedent. The investment is classified as a current asset and is expected to be sold within the next twelve months.

MIAL is a foreign-based asset and the ruling year end exchange rate, ₹1cr = R2 298 610 (2019: US$1 = R14.09), is a further factor that affects the carrying value. The valuation is considered a Level 3 type valuation in accordance with IFRS 13 Fair Value Measurement.

Bidvest Insurance and Bidvest Life hold portfolios of listed investments held for trading, which are measured and classified at fair value through profit or loss of R486 million (2019: R660 million) and unlisted investments held for trading, which are measured and classified at fair value through profit or loss of R85 million (2019: R92 million). The Bank holds listed investments classified at fair value through profit or loss in the amount of R919 million (2019: nil).

The valuations of all listed investments are considered Level 1 type valuations in accordance with IFRS 13 Fair Value Measurement.

A register of investments is available for inspection by shareholders at the registered office of the Company.