Prospectus - Notowania
Prospectus - Notowania Prospectus - Notowania
Since the beginning of 2009, the portfolio under analysis underwent some measures aimed at de-leveraging/de-risking the Group’s assets in the investment banking, which declined in the first nine months of 2009 from €40.8 billion to a notional value of €31.5 billion. At Group level, exposures in structured credit products amount to €9,450 million as at September 30, 2009 and represent 1.08% of total financial assets. As at December 31, 2008, these exposures amounted to €12,022 million, 1.25% of total financial assets. (millions of €) Structured credit product exposures broken down by financial asset portfolio Held for trading financial assets - 212 - Financial assets designated at fair value Loans and Receivable s Financial assets held to maturity Available-forsale financial assets Total 09.30.2009 Carrying value 524 120 8,348 158 300 9,450 % of portfolio to which it belongs 0.36% 0.83% 1.26% 1.12% 0.86% 1.08% 12.31.2008 Carrying value 619 177 10,462 174 590 12,022 % of portfolio to which it belongs 0.30% 1.13% 1.51% 1.03% 2.06% 1.25% The following table shows the Group's gross and net exposure to structured credit products. The Group is pursuing a policy of continual and selective reduction in positions in the ring-fenced portfolio and constantly monitors the risk dynamics both in terms of value-at-risk as well as changes in the main sensitivity indicators. The credit quality, however, remains high (95% investment grade, 85% with a rating greater than or equal to AA). (millions of €) 09.30.2009 12.31.2008 Exposures in structured credit products RMBS CMBS CDO CLO / CBO Other ABS Loans Total Gross exposure (notional value) 4,127 1,742 880 1,869 1,728 522 10,868 Net exposure 3,909 1,569 516 1,420 1,514 522 9,450 Gross exposure (notional value) 4,815 1878 1,206 2,162 2,461 1,056 13,578 Net exposure 4,486 1,690 850 1,766 2,174 1,056 12,022 Note that the table does not include structured credit products resulting from Group securitisation transactions, whether synthetic or traditional, as they were included in the table of “The Group as originator” section. The exposures above were 79.3% senior and 20.0% mezzanine. The junior exposures were negligible at 0.7%. Exposures to subprime and ALT-A mortgages The Group’s exposure to US subprime and ALT-A mortgages is limited to RMBS and CDO with this type of underlying asset, and has already been reported in the data above.
The Group does not have any mortgages classified as subprime in its portfolio nor guarantees of such exposures. The following table summarises the exposure to these instruments, which totalled €90 million in September 2009. (millions of €) 09.30.2008 12.31.2008 US subprime and ALT-A exposures CDO of ABS RMBS Total Total US ALT-A 4 48 52 55 US Subprime 16 22 38 51 Total 20 70 90 106 Exposures of this type have declined by €16 million over December 31, 2008. More than 27% of instruments with subprime underlyings were rated A or better; 20% of instruments with ALT-A underlyings were rated A or better. The coverage ratio for said instruments is 60.5% and 28.3%, respectively. Percentage composition of the vintage of US Subprime and ALT-A exposures is reported in the following table. US subprime and ALT-A exposures: broken down by vintage September 30, 2009 Underlying / vintage Before 2005 2005 2006 2007 US ALT-A 6.46% 30.32% 53.18% 10.04% US Subprime 21.65% 58.00% 8.04% 12.31% Total 12.91% 42.08% 34.01% 11.00% Underlying / vintage December 31, 2008 Before 2005 2005 2006 2007 US ALT-A 5.45% 33.82% 50.49% 10.25% US Subprime 17.61% 63.42% 10.10% 8.88% Total 11.31% 48.09% 31.02% 9.59% Deposits from customers and represented by securities (millions of €) % Change Deposits from customers: product breakdown 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006 1. Current accounts and demand deposits 207,035 197,011 205,382 147,744 5.1% -4.1% 39.0% 2. Time deposits 96,217 107,817 98,967 77,412 -10.8% 8.9% 27.8% 3. Deposits in administration 148 161 168 138 -8.1% -4.2% 21.7% 4. Loans 34,657 42,062 34,206 15,641 -17.6% 23.0% 118.7% 5. Liabilities for commitments to repurchase own equity investments 520 - 523 - n.a. -100.0% n.a. 6. Liabilities against assets sold but not derecognised 13,760 16,911 23,534 18,570 -18.6% -28.1% 26.7% 7. Other liabilities 29,409 24,869 27,620 28,473 18.3% -10.0% -3.0% Total 381,746 388,831 390,400 287,978 -1.8% -0.4% 35.6% During the nine-month period that ended as at September 30, 2009, customer deposits amounted to €381,746 million, a slight decrease of 1.8%, due in particular to the change in time deposits and loans, respectively by 10.8% and 17.8%, offset by the growth of about 5% in current accounts (€+10,025 million). - 213 -
- Page 161 and 162: NAME ASPRA FINANCE S.P.A. ITALY REG
- Page 163 and 164: NAME REGISTERED OFFICE COUNTRY PEKA
- Page 165 and 166: NAME REGISTERED OFFICE COUNTRY ACTI
- Page 167 and 168: NAME REGISTERED OFFICE COUNTRY UNIC
- Page 169 and 170: ARGENTAURUS IMMOBILIEN- VERM IETUNG
- Page 171 and 172: • Tangible assets: breakdown of a
- Page 173 and 174: The information regarding intangibl
- Page 175 and 176: Vienna Donau-City Wed Donau - City
- Page 177 and 178: 9. REPORT ON THE OPERATIONAL AND FI
- Page 179 and 180: slowdown in both German and, more s
- Page 181 and 182: this Chapter refer to these changes
- Page 183 and 184: • 2009 − Retail − Corporate &
- Page 185 and 186: longer intended for trading due to
- Page 187 and 188: illion, an increase of approximatel
- Page 189 and 190: REGULATORY CAPITAL 09.30.2009 12.31
- Page 191 and 192: capital requirements for market ris
- Page 193 and 194: as per the accounting standards app
- Page 195 and 196: At the end of 2008, available-for-s
- Page 197 and 198: Non-financial companies 3,138 1,961
- Page 199 and 200: and demand deposits 2.2 Time deposi
- Page 201 and 202: derecognised Total (Carrying value)
- Page 203 and 204: The coverage ratio (or the ratio be
- Page 205 and 206: Situation as at 31.12.2007 Notional
- Page 207 and 208: As at September 30, 2009, similar c
- Page 209 and 210: In its role as sponsor, the Group s
- Page 211: showed a great deal of volatility,
- Page 215 and 216: B.2 Financial assets designated at
- Page 217 and 218: During Q3 2009, UniCredit Real Esta
- Page 219 and 220: Total 8,175 8,049 9,105 6,872 1.6%
- Page 221 and 222: Total interest income is, for the t
- Page 223 and 224: (millions of €) % Change Fee and
- Page 225 and 226: Net hedging income (loss) (millions
- Page 227 and 228: Administrative expenses for personn
- Page 229 and 230: consolidation were attributable sol
- Page 231 and 232: The cost of credit risk (calculated
- Page 233 and 234: eing completed on October 1, 2007.
- Page 235 and 236: and Romania). Growth in the Poland
- Page 237 and 238: ( in millions of Euros) % Change Ne
- Page 239 and 240: markets recorded in 2007 (Croatia,
- Page 241 and 242: Gross profit therefore stands at
- Page 243 and 244: amounting to € 1,222 million in a
- Page 245 and 246: 1. Deposits from banks 152,437 1,94
- Page 247 and 248: usiness segments have posted result
- Page 249 and 250: (in millions of €) % Change Opera
- Page 251 and 252: (in millions of €) RECONCILIATION
- Page 253 and 254: 100. Income (Losses) from sale or r
- Page 255 and 256: 100. Income (Losses) from sale or r
- Page 257 and 258: This result should not be considere
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- Page 261 and 262: 5.00% 02.01.2016 applicable not app
The Group does not have any mortgages classified as subprime in its portfolio nor<br />
guarantees of such exposures.<br />
The following table summarises the exposure to these instruments, which totalled €90<br />
million in September 2009.<br />
(millions of €) 09.30.2008 12.31.2008<br />
US subprime and ALT-A<br />
exposures CDO of ABS RMBS Total Total<br />
US ALT-A 4 48 52 55<br />
US Subprime 16 22 38 51<br />
Total 20 70 90 106<br />
Exposures of this type have declined by €16 million over December 31, 2008.<br />
More than 27% of instruments with subprime underlyings were rated A or better; 20%<br />
of instruments with ALT-A underlyings were rated A or better. The coverage ratio for<br />
said instruments is 60.5% and 28.3%, respectively.<br />
Percentage composition of the vintage of US Subprime and ALT-A exposures is<br />
reported in the following table.<br />
US subprime and ALT-A exposures: broken down by vintage<br />
September 30, 2009<br />
Underlying / vintage Before 2005 2005 2006 2007<br />
US ALT-A 6.46% 30.32% 53.18% 10.04%<br />
US Subprime 21.65% 58.00% 8.04% 12.31%<br />
Total 12.91% 42.08% 34.01% 11.00%<br />
Underlying / vintage<br />
December 31, 2008<br />
Before 2005 2005 2006 2007<br />
US ALT-A 5.45% 33.82% 50.49% 10.25%<br />
US Subprime 17.61% 63.42% 10.10% 8.88%<br />
Total 11.31% 48.09% 31.02% 9.59%<br />
Deposits from customers and represented by securities<br />
(millions of €) % Change<br />
Deposits from customers:<br />
product breakdown 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006<br />
1. Current accounts and<br />
demand deposits 207,035 197,011 205,382 147,744 5.1% -4.1% 39.0%<br />
2. Time deposits 96,217 107,817 98,967 77,412 -10.8% 8.9% 27.8%<br />
3. Deposits in administration 148 161 168 138 -8.1% -4.2% 21.7%<br />
4. Loans 34,657 42,062 34,206 15,641 -17.6% 23.0% 118.7%<br />
5. Liabilities for commitments<br />
to repurchase own equity<br />
investments 520 - 523 - n.a. -100.0% n.a.<br />
6. Liabilities against assets<br />
sold but not derecognised 13,760 16,911 23,534 18,570 -18.6% -28.1% 26.7%<br />
7. Other liabilities 29,409 24,869 27,620 28,473 18.3% -10.0% -3.0%<br />
Total 381,746 388,831 390,400 287,978 -1.8% -0.4% 35.6%<br />
During the nine-month period that ended as at September 30, 2009, customer deposits<br />
amounted to €381,746 million, a slight decrease of 1.8%, due in particular to the<br />
change in time deposits and loans, respectively by 10.8% and 17.8%, offset by the<br />
growth of about 5% in current accounts (€+10,025 million).<br />
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