Prospectus - Notowania

longer intended for trading due to the effects of reduced liquidity and the lasting
turbulence on the financial markets (the latter qualifies as a “rare circumstance”), for a
total of €19,042 million. Specifically, as at December 31, 2008 €18,894 million (fair
value €16,458 million) was reclassified to loans, of which 96% was originally
classified under Held for Trading Financial Assets, while the remainder, amounting to
€148 million (fair value €137 million) was reclassified to “Financial Assets Held to
Maturity”. These reclassifications had a positive impact of €2,365 million on profit
before tax as at December 31, 2008 (deriving from unrecognised valuation losses of
€2,287 million, and higher interest income of €162 million net of greater write-downs
of loans of €85 million).
The table below details the assets reclassified based on the amendment to the
Accounting Principle IAS 39 remaining as at September 30, 2009.
(in millions of €) 09.30.2009
Effect of reclassifications deriving from amendments
to IAS 39 and IFRS 7
- 185 -
Notional
value
Carrying
amount
Fair
value
Gains/losses not
recognised in
FY 2009 due to
reclassification
(pre-tax)
Gains/losses not
recognised due
to
reclassification
(pre-tax)
Financial assets reclassified from “Held for trading
financial assets” to “Loans and Receivables” 22,456 21,468 19,877 549 (1,530)
- Structured credit products 8,470 7,761 6,156 (147) (1,489)
- Other debt securities reclassified in 2008 5,596 5,323 5,291 572 (165)
- Other debt securities reclassified in first half 2009 8,390 8,384 8,430 124 124
Financial assets reclassified from “Held for Trading
Financial Assets” to “Financial Assets Held to Maturity” 133 147 139 1 (3)
Financial assets reclassified from “Available-for-Sale
Financial Assets” to “Loans and Receivables” 775 757 743 (10) 1 (10) 1
- Other debt securities reclassified in 2008 577 584 579 (2) (2)
- Structured credit products reclassified in first half
2009 198 173 164 (8) (8)
TOTAL 23,364 22,372 20,759 540 (1,543)
- of which financial assets reclassified in first half
2009 8,588 8,558 8,594 115 116
1
Amount pertaining to revaluation reserve instead of Income Statement
As at December 31, 2008, the following equity investments held under available-forsale
assets were written down: London Stock Exchange for €308 million, Banco de
Sabadell S.A. for €182 million and Babcock and Brown for €124 million. Writedowns
of €252 million were also made to loans linked to the default of Iceland banks,
equal to 88% of the nominal exposure, and adjustments and write-downs of €244
million were also recorded linked to the Lehman Brothers, of which €139 million
relating to unguaranteed exposures to Lehman (equal to 86% of the exposure) and
of€105 million to a loan granted to Lehman Brothers and guaranteed by securities
from another counterparty (equal to 42% of the nominal exposure). Lastly, with regard
to equity data, in 2008 the Group recorded growth in net loans to customers, for 6.5%
(+ 3.2% net of the reclassification of part of the financial assets classified as “held for
trading”). The largest driver of this trend was, again, the CEE business segment,
which grew by a total of over 26.8%. Customer deposits, excluding securities, were
substantially at the levels of the previous year.