Prospectus - Notowania

Non-financial companies 3,138 1,961 5,099
Other companies 305 55 360
Units in Collective Investment Undertakings 2,562 1,868 4,430
Total 62,101 77,710 139,811
* Includes securities classified under financial assets designated at fair value, available-for-sale financial assets, held to maturity
financial assets, loans to banks and loans to customers.
Trading liabilities, whose changes are linked to the related trading asset, are described
in the following table.
(millions of €)
Trading financial
liabilities product
breakdown – total
% Change
amounts 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006
A. Non-derivative
financial liabilities
1. Deposits from banks 2,229 5,758 13,709 15,956 -61.3% -58.0% -14.1%
2. Deposits from
21,548 23,366 16,564 16,176 -7.8% 41.1% 2.4%
customers
3. Debt securities 14,092 15,766 17,615 13,667 -10.6% -10.5% 28.9%
3.1 Bonds 9,535 11,136 9,419 6,604 -14.4% 18.2% 42.6%
3.2 Other securities 4,557 4,630 8,196 7,063 -1.6% -43.5% 16.0%
Total A 37,868 44,890 47,888 45,799 -15.6% -6.3% 4.6%
B. Derivative
instruments
1. Financial derivatives 84,705 101,521 62,240 56,747 -16.6% 63.1% 9.7%
2. Credit derivatives 6,095 18,924 3,528 1,434 -67.8% 436.4% 146.0%
Total B 90,800 120,445 65,768 58,181 -24.6% 83.1% 13.0%
Total A + B 128,668 165,335 113,656 103,980 -22.2% 45.5% 9.3%
of which: listed 26,686 29,758 24,900 17,183 -10.3% 19.5% 44.9%
of which: unlisted 101,982 135,577 88,756 86,797 -24.8% 52.8% 2.3%
Held for trading financial liabilities include: derivative contracts that are recorded as
hedge instruments, obligations to deliver financial assets for margin transactions,
financial liabilities issued with the intention of repurchasing them in the short-term
and financial liabilities that are part of a portfolio of financial instruments considered
as a unit and for which there is evidence that they are used for trading.
As at September 30, 2009, trading financial liabilities amount to €128,669 million,
down 22.2% compared to the prior year, essentially consistent with the changes in the
corresponding asset item. In the first nine months of 2009 the cash component saw a
sizeable decrease in deposits from banks and, to a lesser extent, in deposits from
customers. The decrease in the derivatives item is essentially due to swings in market
values (for example, due to interest rates, exchange rates, stock markets, credit
spreads, etc.) which occurred primarily in Q2 and Q3 of 2009.
Cash trading liabilities at December 31, 2008 amounted to €44,890 million, a slight
decline from 2007. This decline was most evident in deposits from banks related to
less frequent use of technical overdraft instruments. However, derivative instruments
showed an increase, as seen in the related asset, due to the marked increase in credit
derivatives connected to the widening of margins in the credit default swap (CDS)
market. In total, trading liabilities showed a change of €51,679 billion in 2008. The
growth in December 2007 compared to the prior year, equivalent to €9.7 billion,
regarded the inclusion of the Capitalia Group in the scope of consolidation for €3.7
billion. The residual increase is concentrated in derivative instruments.
- 197 -