UBI Banca Group

On the other hand, while significant amounts were issued under the EMTN programme (€1.86
billion nominal), they did not fully cover maturities, redemptions and repurchases during the
year (€2.8 billion nominal): total outstanding EMTN funding fell as a consequence to €10.3
billion (-€0.9 billion).
Funding from French certificates of deposit and euro commercial paper on monetary markets
reduced progressively, with a partial recovery in the last quarter. At first this reflected lower
Group requirements when medium to long-term institutional issuances were made and
subsequently the decreased propensity of investors to lend as country risk for Italy worsened.
In total terms, funding obtained using these instruments amounted to €1.8 billion, down from
€3.4 billion at the end of 2010.
Direct funding from customers
31.12.2011 31.12.2010
Changes
%
%
Figures in thousands of euro amount %
Current accounts and deposits 46,065,651 44.8% 45,209,037 42.3% 856,614 1.9%
Time deposits 1,396,835 1.4% 1,341,501 1.3% 55,334 4.1%
Financing 6,022,955 5.8% 11,152,853 10.4% -5,129,898 -46.0%
- repurchase agreements 5,568,351 5.4% 11,011,766 10.3% -5,443,415 -49.4%
of which: repos with Cassa di Compensazione e Garanzia 4,615,754 4.5% 9,190,455 8.6% -4,574,701 -49.8%
- other 454,604 0.4% 141,087 0.1% 313,517 222.2%
Other payables 945,850 0.9% 962,766 1.0% -16,916 -1.8%
TOTAL AMOUNTS DUE TO CUSTOMERS (item 20 Liabilities) 54,431,291 52.9% 58,666,157 55.0% -4,234,866 -7.2%
Bonds 44,429,027 43.2% 42,880,256 40.2% 1,548,771 3.6%
Certificates of deposit 2,447,560 2.4% 2,475,557 2.3% -27,997 -1.1%
Other certificates 1,500,776 1.5% 2,738,075 2.5% -1,237,299 -45.2%
TOTAL SECURITIES ISSUED (item 30 Liabilities) 48,377,363 47.1% 48,093,888 45.0% 283,475 0.6%
of which:
securities subscribed by institutional customers: 18,671,921 18.2% 18,797,662 17.6% -125,741 -0.7%
- The EMTN programme (*) 10,292,174 10.0% 11,158,751 10.5% -866,577 -7.8%
- The French certificates of deposit programme 750,616 0.7% 1,148,017 1.1% -397,401 -34.6%
- The euro commercial paper programme 1,044,055 1.0% 2,260,184 2.1% -1,216,129 -53.8%
- The covered bond programme 6,128,355 6.0% 3,752,819 3.5% 2,375,536 63.3%
- Preference shares (**) 456,721 0.4% 477,891 0.4% -21,170 -4.4%
bonds subscribed by ordinary customers 27,749,274 27.0% 27,581,980 25.8% 167,294 0.6%
- of the Group:
issued by UBI Banca 6,856,713 6.7% 5,035,176 4.7% 1,821,537 36.2%
issued by the network banks 16,624,904 16.2% 17,336,752 16.2% -711,848 -4.1%
- external distribution networks:
issued by Centrobanca 4,267,657 4.2% 5,210,052 4.9% -942,395 -18.1%
Total direct funding 102,808,654 100.0% 106,760,045 100.0% -3,951,391 -3.7%
(*) The corresponding nominal amounts were €10,186 million (€212 million subordinated) as at 31 st December 2011 and €11,128 million (€502 million
subordinated) as at 31 st December 2010. The amount as at 31 st December 2011 reported in the table does not include two private placements and a
partial repurchase of senior securities for a total of €93 million, which were eliminated in the consolidation because they were intragroup.
(**) The preference shares were issued for nominal amounts by BPB Capital Trust of €300 million, by Banca Lombarda Preferred Securities Trust of €155
million and by BPCI Capital Trust of €115 million. Following the public exchange offer concluded on 25 th June 2009, the remaining nominal amounts
consisted of €227,436 million for the BPB Capital Trust issue, €124,636 million for that of Banca Lombarda Preferred Securities Trust and €101,388
million for the BPCI Capital Trust issue.
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