Prospectus - Notowania

attributed to the significant increase in credit spreads recorded in 2008, which
consequently affected the fair value of said CDS.
(in millions of €)
Financial assets designated
at fair value: product
% Change
breakdown
1. Debt securities
2. Equities
09.30.2009
11,329
52
12.31.2008
12,096
63
12.31.2007
12,267
75
12.31.2006
15,484
39
2009/2008
-6.3%
-17.5%
2008/2007
-1.39%
-16.00%
2007/2006
-20.78%
92.31%
3. Units in collective
investment undertakings
4. Loans
5. Impaired assets
Total
536
2,553
53
14,523
597
2,880
-
15,636
395
2,615
-
15,352
410
-
-
15,933
-10.2%
-11.4%
n.a.
-7.1%
51.14%
10.13%
n.a.
1.85%
-3.66%
n.a.
n.a.
-3.65%
As at September 30, 2009 financial assets designated at fair value decreased by a total
of 7.1% compared to December 31, 2008, which was affected by the progressive
reduction in debt securities (€-767 million, equal to 6.3%) and in loans (€-327 million
equal to 11.4%).
As at December 31, 2008 there were no significant changes in this item, either in
terms of breakdown or in terms of issuers. In 2007, loans were granted to governments
and central banks, primarily by HVB, which offset the reduction in debt securities.
Over these years, the portfolio has been mainly comprised of debt securities (78.0% of
the total as at September 30, 2009, a slight increase compared to 77.4% in 2008).
Dividing the aggregate by debtors/issuers, Governments, Central Banks and public
entities continue to maintain significant shares (66.9% in 2006 and 60.3% in 2008),
while the weight of banks increased from 15% in 2006 to 25.4% in 2008. Collective
investment undertakings have remained marginal, though their weight rose from 2.6%
in 2006 to 3.8% in 2008.
(in millions of €) % Change
Available-for-sale financial assets:
product breakdown – total
amounts 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006
1. Debt securities 27,042 22,060 19,961 16,606 22.6% 10.5% 20.2%
2. Equities 4,283 4,892 8,831 10,219 -12.4% -44.6% -13.6%
3. Units in collective investment
undertakings 1,327 1,271 1,956 2,446 4.4% -35.0% -20.0%
4. Loans 101 102 86 - -1% 18.6% n.a.
5. Impaired assets 696 293 126 6 137.5% 132.5% n.s.
6. Assets sold but not derecognised 1,588 82 - 81 n.s n.a. -100.0%
Total 35,037 28,700 30,960 (*) 29,358 22.1% -7.3% 5.5%
of which: listed 26,208 20,029 19,267 19,811 30.8% 4.0% -2.7%
of which: unlisted 8,829 8,671 11,693 9,547 1.8% -25.8% 22.5%
*The data differ by an amount of €998 million from those published in the previous year due to the reclassification of the equity investment in Mediobanca.
Please see the comment on available-for-sale financial assets: product breakdown.
As at September 30, 2009, total available-for-sale financial assets amounted to €35
billion, an increase of €6.3 billion over December 2008 as a result of the increase in
debt securities following the net acquisitions during the period, partially offset by the
reduction in equities, primarily due to the decline in fair value during the period. As at
September 30, 2009, available-for-sale financial assets consist mainly of debt
securities (of which more than 77% - namely the majority - issued by Governments
and Central Banks) and equities for 12% of the total.
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