This is the value, as at the relevant date, that relates to long positions giving rise to interest rate risk, as determined in accordance with relevant prudential standards. This item includes long positions in: - debt securities, including non-convertible preference shares and other quasi-debt securities/instruments that behave like debt (convertible bonds are to be included as debt securities if they trade like debt securities, but not if they trade like equities);- forward transactions in foreign exchange, equities and commodities; and- options that are subject to a change in value following a change in interest rates.Long positions represent positions where a rise in the value of the asset or derivative would result in a profit. 

All long positions forming part of the trading book in debt or other interest rate related securities, including interest rate derivatives, forward foreign exchange and quasi-debt securities that behave like debt should be reported. Refer to APS 116: Capital Adequacy Market Risk for more detail.

The sum of the market values of individual positions in each issuer category should be reported for long positions. In summing the market values within each category, if there is a matched position in the same security (i.e. both the issuer and issue are identical), the matching positions may be offset and omitted from the calculation of specific interest rate risk (refer to APS 116).

Specific risk is to be assessed according to the classification of issuer of the security or underlying security in the case of derivative instruments. Issuers are classified into the categories of government, qualifying and other, as defined in APS 116. Instruments with issuers in the government and qualifying categories should be further classified according to the residual term to final maturity of the security or underlying security.