Prospectus - Notowania

- Synthetic transactions 35,485 1,218 182 36,885 40,781
Guarantees given - 89 66 155 160
- Assets sold and derecognised - 89 - 89 94
- Assets sold but not derecognised - - - 0
- Synthetic transactions - - 66 66 66
Credit facilities 606 30 636 713
- Assets sold and derecognised - 606 - 606 668
- Assets sold but not derecognised - - 30 30 45
- Synthetic transactions - - - - -
* In a securitisation transaction, the assignee company finances the portfolio acquisition by issuing securities differentiated by seniority,
giving the Group the selling price of the loans through collections from placing the securities. As such, senior securities are those with
the lowest level of subordination while junior securities have the most absolute risk, or those whose reimbursement and yield are most
linked to the changes in the underlying portfolio.
Transactions included under the "Assets sold and derecognised" item are those for
which the Group, while maintaining most of the risk and return of the underlying
loans, nevertheless derecognised them because the transaction occurred prior to
January 1, 2002. On first-time adoption of IFRS, the option permitted by IFRS 1 that
allows assets sold before January 1, 2004 not to be rerecognised, regardless of the
amount of risk and return retained, was implemented.
The traditional securitization transactions executed by the Group have as their main
purpose residential mortgage loans originating in Italy and Germany, leasing
transactions originating in Italy and credits and companies originating in Germany.
The increase in exposure during the first nine months of 2009 is due to securities
related to three new securitisation transactions of performing loans, with the
underlyings consisting of leasing contracts, Italian residential mortgages, and Euro
loans (private corporate loans), respectively. The Group fully recognised the securities
issued by the SPVs. The three new transactions are related to Italian leasing contracts
for automobiles, capital goods and real estate for a total notional value of €1,705
million, Italian residential mortgages for a total notional value of €3,500 million, and
Euro loans for a total notional value of €1,012 million.
Finally, the Group did not originate any securitisations with US residential mortgages,
prime, sub-prime or ALT-A as the underlying.
Assets sold but not derecognised have a fair value that is more than €4,400 million
greater than the carrying value.
The Group as sponsor
The Group is a sponsor of asset-backed commercial paper SPVs (i.e., conduits issuing
commercial paper) set up both as multi seller customer conduits to give clients access
to the securitisation market and arbitrage conduits.
These SPVs are not part of the banking group but have been consolidated since
December 2007.
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