We had short-term financial assets relating to hedging derivatives of $0.2 million as at each of December 31, 2018 and 2017. We had current liabilities relating to derivatives of $37,000 as at December 31, 2018, compared to $0.3 million as at December 31, 2017.
Account payables and accrued expenses were $26.3 million as at December 31, 2018, compared to $44.8 million as at December 31, 2017. The decrease was primarily due to gains recognized in connection with the settlement of liabilities in the period in connection with former subsidiaries and the deconsolidation of former subsidiaries.
We had deferred income tax liabilities of $66.4 million as at December 31, 2018, compared to $10.3 million as at the end of 2017. The increase in deferred income tax liabilities was primarily the result of the reversal of a prior impairment on our mining interest and the deconsolidation of a subsidiaries and the reversal of an impairment charge.
Our short-term bank borrowings were $nil as at December 31, 2018, compared to $2.1 million as at December 31, 2017, primarily as a result of the deconsolidation of subsidiaries.
Total long-term debt decreased to $nil as at December 31, 2018, from $43.7 million as at December 31, 2017, primarily as a result of the deconsolidation of subsidiaries.
We had a non-interest bearing loan payable, which is measured at fair value through profit or loss, of $4.0 million as at December 31, 2018, compared to $nil as at December 31, 2017. The loan does not have a fixed repayment date and the estimated fair value has been determined using a discount rate for similar investments. Please see Note 29 to our audited consolidated financial statements for the year ended December 31, 2018 for further information.
As at December 31, 2018, we had long-term decommissioning obligations of $13.6 million relating to our hydrocarbon properties, which will be funded through cash flows from such interests over their operating lives, compared to $13.7 million as at December 31, 2017.
Short-Term Bank Loans and Facilities
As part of our operations, we establish, utilize and maintain various kinds of credit lines and facilities with banks, brokers and insurers. Most of these facilities are short-term. These facilities are used in our day-to-day structured solutions and merchant banking business. The amounts drawn under such facilities fluctuate with the kind and level of transactions being undertaken.
As at December 31, 2018, we had credit facilities from banks aggregating $22.3 million, comprised of: (i) non-recourse factoring lines for receivables financing of $20.3 million; and (ii) a commodity hedging facility of $2.0 million, which allows us to hedge industrial metals and products for our production subsidiaries. All of these facilities are renewable on a yearly basis or usable until further notice.
Long-Term Debt
As at December 31, 2018, we had no long-term debt. Please refer to Note 16 to our audited consolidated financial statements for the year ended December 31, 2018, for further information.
Future Liquidity
We expect that there will be acquisitions of businesses or commitments to projects in the future. To achieve the long-term goals of expanding our assets and earnings, including through acquisitions, capital resources will be required. Depending on the size of a transaction, the capital resources that will be required can be substantial. The necessary resources will be generated from cash flows from operations, cash on hand, borrowings against our assets, sales of proprietary investments or the issuance of securities.
Foreign Currency
Our consolidated financial results are subject to foreign currency exchange rate fluctuations.
Our presentation currency is the Canadian dollar. We translate subsidiaries’ assets and liabilities into Canadian dollars at the rate of exchange on the balance sheet date. Revenue and expenses are translated at exchange rates approximating those at the date of the transactions or, for practical reasons, the average exchange rates for the applicable periods, when they approximate the exchange rate as at the dates of the