UBI Banca Group

3.3 Securities issued subject to specific hedge
31/12/2011 31/12/2010
1. Securities subject to specific fair value hedge: 29,575,882 25,945,089
a) interest rate risk 29,573,877 25,943,029
b) currency risk
c) multiple risks 2,005 2,060
2. Securities subject to specific cash flow hedge: 1,128,268 766,343
a) interest rate risk
b) currency risk 1,128,268 766,343
c) other
A
Greater use of bond issues and the performance of interest rates led to a corresponding
increase in positions subject to fair value hedging on interest rates, as reported in section 5.1
of the part on the income statement. The net result of fair value changes in hedging contracts
and the underlying securities issued, generated income of €23.5 milion, recognised within item
90 of the income statement – “Net hedging income”.
321