5 At 31   Dec ember 2020, the Group held 118,227,307 Sanofi shares for an amount of €9,304.5 million (note 9.3). A change of plus or minus 10% in the market price of these shares relative to the market price of €78.70 on 31  December 2020 would have an impact of plus or minus €930.4 mill ion before tax on Group equity. At 31   Dec ember 2019, the Group held 118,227,307 Sanofi shares for an amount of €10,595.5  mill ion (note 9.3). A change of plus or minus 10% in the market price of these shares relative to the market price of €89.62 on 31  December 2019 would have an impact of plus or minus €1,059.5 mill ion before tax on Group equity. 10.8. Fair value hierarchy IFRS 7 requires financial assets and liabilities recognised at fair value in the balance sheet to be classified according to three levels: • level 1: quoted prices on an active market; • level 2: valuation techniques using observable inputs; • level 3: valuation techniques using unobservable inputs. The table below provides an analysis of financial instruments recorded at fair value on the balance sheet by level of the fair value hierarchy. € millions 31 December 2021 Level 1 Level 2 Level 3 Total fair value Assets at fair value Foreign exchange derivatives - 67.6 - 67.6 Sanofi shares 10,472.6 - - 10,472.6 Marketable securities - - - - TOTAL ASSETS AT FAIR VALUE 10,472.6 67.6 - 10,540.2 Liabili ties at fair value Foreign exchange derivatives - 240.4 - 240.4 TOTAL LIABILITIES AT FAIR VALUE - 240.4 - 240.4 €  millions 31 December 2020 Level 1 Level 2 Level 3 Total fair value Assets at fair value Foreign exchange derivatives - 183.0 - 183.0 Sanofi shares 9,304.5 - - 9,304.5 Marketable securities 3,739.9 - - 3,739.9 TOTAL ASSETS AT FAIR VALUE 13,044.4 183.0 - 13,227.4 Liabilities at fair value Foreign exchange derivatives - 94.9 - 94.9 TOTAL LIABILITIES AT FAIR VALUE - 94.9 - 94.9 € millions 31 December 2019 Level 1 Level 2 Level 3 Total fair value Assets at fair value Foreign exchange derivatives - 49.2 - 49.2 Sanofi shares 10,595.5 - - 10,595.5 Marketable securities 3,042.4 - - 3,042.4 TOTAL ASSETS AT FAIR VALUE 13,637.9 49.2 - 13,687.1 Liabilities at fair value Foreign exchange derivatives - 123.6 - 123.6 TOTAL LIABILITIES AT FAIR VALUE - 123.6 - 123.6 10.9. Offsetting financial assets and financial liabilities Financial assets and liabilities resulting from foreign exchange and/or interest rate hedging transactions entered into with the Group’s counterparty banks are not offset in the balance sheet since they are FBF (French Banking Federation) or ISDA (International Swaps and Derivatives Association) agreements that only provide for offsetting in the event of default by one of the parties to the agreement. Accordingly, they do not meet the offsetting criteria set out in IAS 32. Had the agreements been offset at the level of each counterparty bank, assets and liabilities would have decreased by €62.7   mill ion, €75.5  mill ion and €48.8  million respectively in 2021, 2020 and 2019. L ’ ORÉAL I UNIVERS AL REGISTRATION DOCUMENT 2021 329 2021 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements