Year ended December 31, 2016 Year ended December 31, 2015
AS AT JANUARY 1 (21) (61)
Change of hedging reserve 207 49
Valuation of hedging instruments, ncluding: 206 49
Deferral of changes in fair value of hedging instruments recognized as an effective hedge 313 51
Accrued interest on derivatives transferred from hedging reserve and recognized in interest expense 1 1
Currency revaluation of CCIRS transaction transferred from hedging reserve and recognized in the result on foreign exchange differences (107) 1
Ineffective portion of change in fair value of hedging derivatives recognized in profit or loss (1) (4)
Valuation of other financial instruments 1 -
Deferred tax (39) (9)
HEDGING RESERVE INCLUDING DEFERRED TAX 147 (21)

Hedging reserve includes mainly valuation of heging instruments to which cash flow hedge accounting is applied.