Prospectus - Notowania

In its role as sponsor, the Group selects the asset portfolios purchased by these
conduits, provides administration of the assets and standby letters of credit and
liquidity lines to ensure timely repayment of the securities issued by the SPVs.
For these services, the Group receives fees and also benefits from the spread between
the return on the assets purchased by the SPV and the securities issued.
Due to the activity performed, the Group bears most of the risk and receives most of
the return on conduit business and also has control of the conduits.
.
The following table shows the breakdown of the activities deriving from the
consolidation of the conduits and their relevance in percentage on the total portfolio
owned.
(millions of €)
Consolidated conduits: broken
down by financial asset
portfolio
Held for trading
financial assets
- 209 -
Financial
assets
designated
at fair value
Loans and
Receivables
Financial
assets held to
maturity
Available-forsale
financial
assets Total
09.30.2009
Carrying value - 150 4,390 147 280 4,967
% of portfolio to which it
belongs - 1.03% 0.66% 1.05% 0.80% 0.57%
12.31.2008
Carrying value - 184 5,200 169 260 5,813
% of portfolio to which it
belongs - 1.18% 0.75% 1.0% 0.91% 0.61%
In 2007, 2008 and the first nine months of 2009, following the turbulence in financial
markets, there was a substantial contraction in demand from investors for securities
issued by the conduits; as a result, the Group directly purchased the commercial paper
issued.
The following table shows the amount of the cash exposure and credit facility of the
exposures to conduits for which the Group acts as sponsor. In particular, it deals with
Arabella Finance Ltd., Salome Funding Ltd., Bavaria Universal Funding Corp.
(arbitrage conduit) and Black Forest Funding Corp conduits.
(millions of €)
Exposure sponsored by the Group 09.30.2009 12.31.2008
Cash exposure 4,053 5,268
- Consolidated conduits 4,053 5,268.
Credit facilities 1,840 1,776
- Consolidated conduits 1,840 1,776
The credit facilities shown represent the difference between the total credit facilities
granted and the amount of commercial paper underwritten by the Group.
Cash exposure, consisting of commercial paper underwritten by the Group and fully
consolidated, are not visible in the consolidated financial statements.