On 12 December 2013, the Central Bank published a letter addressed to Appointed Actuaries regarding certain points pertaining to valuations of life assurance undertakings for year-end 2013. Amongst other matters, the letter deals with future investment rate assumptions. The Central Bank advises that the assumed yield for investments matching euro liabilities to be made more than three years after the valuation date should not exceed 3.5%. However, the Central Bank pointed out that actuaries are expected to tailor their assumptions in this regard based on current yield rates. Other matters dealt with in the letter include resilience tests to be applied in the Appointed Actuaries' calculations, and yields on variable interest investments to be used in valuing liabilities.