Prospectus - Notowania
Prospectus - Notowania Prospectus - Notowania
insurance policies to cover operational risks, with identification of the appropriate excesses and limits. In addition, regular checking of business continuity plans ensures the management of operational risk in the event of interruption to the main services. The Group Risk Committee (or other bodies, according to the provisions of local regulations) reviews the risks identified by the operational risk functions of the entities, with the support of the functions involved, and checks the mitigation initiatives. Measurement and allocation of capital The Issuer has developed an internal model for the measurement of the capital requirement. This is calculated by taking into account internal loss data, external loss data (consortium and public) and loss data generated by scenario analysis and risk indicators. The calculation is carried out by using the types of operating event as risk classes. For each risk class, the severity and frequency of the losses are estimated separately to obtain the distribution of annual losses through simulation, taking into account the insurance coverage. The severity distribution is estimated based on internal data, external data and data generated by scenario analysis, while the frequency is estimated solely on internal data. For each class, a correction is applied based on the operational risk indicators. The distributions of annual loss, obtained for reach risk class, are aggregated based on specific statistical functions. The risk capital is therefore calculated on the aggregate distribution of losses at a 99.9% confidence level for regulatory purposes and a 99.97% confidence level for internal purposes, considering the deduction due to expected losses. Using allocation mechanisms, the capital requirements of Group companies are identified, reflecting the exposure and effectiveness of the operational risk management process. For Group companies still not authorised by the supervisory authorities to use the internal model, the capital requirement is calculated on the basis of the Base and Standard methods. 6.11.4. Business risk Business risk derives from a contraction in margins, not brought about by market, credit and operational risks but instead by variations in the competitive context or customer behaviour. It is measured at Group level both in terms of stand-alone risk capital, and in terms of the element belonging to a diversified risk portfolio; in the second case, the benefit from diversification is then reallocated to the individual UniCredit Group companies, proportionately with respect to the ratio between Group value-at-risk and the sum of the stand-alone risk capital of all Group companies. For monitoring purposes, business risk at UniCredit Group level is calculated quarterly and whenever deemed necessary through significant changes in the reference market. During budgeting, it is calculated from a prospective viewpoint to support the capital allocation process in that it falls under the risk measurements to be aggregated. 6.11.5. Real estate risk - 150 -
Real estate risk consists of potential losses resulting from negative fluctuations in the value of the real estate portfolio owned by the UniCredit Group, involving companies, real estate trusts and “special-purpose vehicle companies” (real estate pertaining to customers remains excluded, encumbered by mortgage securities). The calculation of real estate risk also provides for the exclusion of properties used as collateral and instead includes the properties of instrumental companies and subsidiaries. For monitoring purposes, the real estate risk at Group level is calculated quarterly and whenever deemed necessary through significant changes in the reference market. During budgeting, it is calculated from a prospective viewpoint to support the capital allocation process in that it falls under the risk measurements to be aggregated. 6.11.6. Financial investment risk Financial investment risk represents the risk of potential losses in value deriving from non-speculative financial investments in companies falling within the perimeter of the UniCredit Group valid for accounting consolidation purposes. Therefore, positions belonging to the so-called trading book are not considered. For monitoring purposes, the financial investment risk at Group level is calculated quarterly and whenever deemed necessary through significant changes in the reference market. During budgeting, it is calculated from a prospective viewpoint to support the capital allocation process in that it falls under the risk measurements to be aggregated. 6.11.7. Strategic risk Strategic risk hinges on unexpected changes in the market context, the non-recognition of trends in existence in the banking sector, or inappropriate evaluations regarding said trends. This can lead to aberrant decisions for the reaching of long-term objectives and may be difficult to reverse. 6.11.8. Reputational risk Reputational risk is the actual or prospective risk of a decrease in profits or capital, deriving from a negative perception of the image of the banking Group by customers, counterparties, shareholders, investors or the supervisory authorities. The UniCredit Group’s system of values is based on integrity as a condition of sustainability. In line with said integrity in terms of conduct and principles, UniCredit wishes to ensure that individual entrepreneurship does not lead to conduct that is not in keeping with the reputational profile UniCredit aspires to reach. UniCredit acts at international level in a unified manner as a Group: its reputation must therefore be considered a Group value; the inherent risk is reflected directly in its overall risk profile. The Group system for the management of reputational risks implements the general Group principles for conformance with the second pillar requirements of Basel II regulations. Its main objective is to provide constant support for the activities of the Group in order to preserve or promote its reputation. - 151 -
- Page 99 and 100: Real Estate subsequently transferre
- Page 101 and 102: associated with liabilities which a
- Page 103 and 104: Total 3,781 4,003 4,186 3,086 -5.5%
- Page 105 and 106: PIRELLI PEKAO REAL ESTATE SP. Z O.O
- Page 107 and 108: a structure by sector of activities
- Page 109 and 110: Total 2,680 5,616 5,458 10,510 8,21
- Page 111 and 112: (ii) credit, debit and prepaid card
- Page 113 and 114: The CIB business segment focuses on
- Page 115 and 116: markets and corporate treasury sale
- Page 117 and 118: econstructed INCOME STATEMENT FIGUR
- Page 119 and 120: The table below discloses the main
- Page 121 and 122: For the purposes of assessing the r
- Page 123 and 124: (the available margin is provided b
- Page 125 and 126: these shares, provided that the sha
- Page 127 and 128: and up-dates on the basis of the pr
- Page 129 and 130: (i) the granting of authorizations
- Page 131 and 132: - 131 -
- Page 133 and 134: Private Banking Business Unit (whic
- Page 135 and 136: Piedmont 466 2,716 17 2 Puglia 173
- Page 137 and 138: Europe (including Germany and Austr
- Page 139 and 140: (b) PMI, for corporations with an a
- Page 141 and 142: With regards to loans 19 , as at Ju
- Page 143 and 144: and services, combining a unique ge
- Page 145 and 146: • the guidelines, policies and st
- Page 147 and 148: countries), with reference to the m
- Page 149: • the introduction, within the ne
- Page 153 and 154: 7. ORGANISATIONAL STRUCTURE 7.1. Gr
- Page 155 and 156: - 155 -
- Page 157 and 158: 7.2. Issuer’s subsidiaries The fo
- Page 159 and 160: NAME REGISTERED OFFICE COUNTRY ACTI
- Page 161 and 162: NAME ASPRA FINANCE S.P.A. ITALY REG
- Page 163 and 164: NAME REGISTERED OFFICE COUNTRY PEKA
- Page 165 and 166: NAME REGISTERED OFFICE COUNTRY ACTI
- Page 167 and 168: NAME REGISTERED OFFICE COUNTRY UNIC
- Page 169 and 170: ARGENTAURUS IMMOBILIEN- VERM IETUNG
- Page 171 and 172: • Tangible assets: breakdown of a
- Page 173 and 174: The information regarding intangibl
- Page 175 and 176: Vienna Donau-City Wed Donau - City
- Page 177 and 178: 9. REPORT ON THE OPERATIONAL AND FI
- Page 179 and 180: slowdown in both German and, more s
- Page 181 and 182: this Chapter refer to these changes
- Page 183 and 184: • 2009 − Retail − Corporate &
- Page 185 and 186: longer intended for trading due to
- Page 187 and 188: illion, an increase of approximatel
- Page 189 and 190: REGULATORY CAPITAL 09.30.2009 12.31
- Page 191 and 192: capital requirements for market ris
- Page 193 and 194: as per the accounting standards app
- Page 195 and 196: At the end of 2008, available-for-s
- Page 197 and 198: Non-financial companies 3,138 1,961
- Page 199 and 200: and demand deposits 2.2 Time deposi
Real estate risk consists of potential losses resulting from negative fluctuations in the<br />
value of the real estate portfolio owned by the UniCredit Group, involving companies,<br />
real estate trusts and “special-purpose vehicle companies” (real estate pertaining to<br />
customers remains excluded, encumbered by mortgage securities). The calculation of<br />
real estate risk also provides for the exclusion of properties used as collateral and<br />
instead includes the properties of instrumental companies and subsidiaries.<br />
For monitoring purposes, the real estate risk at Group level is calculated quarterly and<br />
whenever deemed necessary through significant changes in the reference market.<br />
During budgeting, it is calculated from a prospective viewpoint to support the capital<br />
allocation process in that it falls under the risk measurements to be aggregated.<br />
6.11.6. Financial investment risk<br />
Financial investment risk represents the risk of potential losses in value deriving from<br />
non-speculative financial investments in companies falling within the perimeter of the<br />
UniCredit Group valid for accounting consolidation purposes. Therefore, positions<br />
belonging to the so-called trading book are not considered.<br />
For monitoring purposes, the financial investment risk at Group level is calculated<br />
quarterly and whenever deemed necessary through significant changes in the reference<br />
market. During budgeting, it is calculated from a prospective viewpoint to support the<br />
capital allocation process in that it falls under the risk measurements to be aggregated.<br />
6.11.7. Strategic risk<br />
Strategic risk hinges on unexpected changes in the market context, the non-recognition<br />
of trends in existence in the banking sector, or inappropriate evaluations regarding said<br />
trends. This can lead to aberrant decisions for the reaching of long-term objectives and<br />
may be difficult to reverse.<br />
6.11.8. Reputational risk<br />
Reputational risk is the actual or prospective risk of a decrease in profits or capital,<br />
deriving from a negative perception of the image of the banking Group by customers,<br />
counterparties, shareholders, investors or the supervisory authorities.<br />
The UniCredit Group’s system of values is based on integrity as a condition of<br />
sustainability. In line with said integrity in terms of conduct and principles, UniCredit<br />
wishes to ensure that individual entrepreneurship does not lead to conduct that is not<br />
in keeping with the reputational profile UniCredit aspires to reach.<br />
UniCredit acts at international level in a unified manner as a Group: its reputation<br />
must therefore be considered a Group value; the inherent risk is reflected directly in its<br />
overall risk profile.<br />
The Group system for the management of reputational risks implements the general<br />
Group principles for conformance with the second pillar requirements of Basel II<br />
regulations. Its main objective is to provide constant support for the activities of the<br />
Group in order to preserve or promote its reputation.<br />
- 151 -
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