Prospectus - Notowania

As at December 31, 2008, customer deposits were substantially stable, compared with
the previous year (-0.4%). This consistency in amounts occurred as a result of an
increase in time deposits and loans (totalling about €16.7 billion) and a reduction in
the value of current accounts (€8.4 billion) and of the liabilities identified in the face
of assets sold but not derecognised (about €6.6 billion). This change is also explained
by customers’ more pronounced preference for cash, preferring short-term
investments both in the type of time deposits and in repurchase agreement
transactions, the latter included among loans. The reduction in current accounts and
demand deposits is partly due to the exit of the deposits connected with the 183
branches transferred as a result of the instructions from the Italian Antitrust Authority
for authorisation of the merger with Capitalia, as well as to customers’ repositioning
on more remunerative forms of timed investments.
In 2007, the increase is mostly explained by the merger with Capitalia. Net of
Capitalia, customer deposits amount to €328 billion, up €40 billion from December
2006, in this case, too, thanks to the positive impact of customers’ more pronounced
preference for cash, consequent to the high volatility of financial markets.
(in millions of €) % Change
Securities in issue 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006
Bonds 162,951 158,935 179,586 149,889 2.5% -11.5% 19.8%
Other securities 45,407 43,524 60,253 57,387 4.3% -27.8% 5.0%
Total 208,358 202,459 239,839 207,276 2.9% -15.6% 15.7%
During 2008, the Group adopted a rather conservative approach to obtaining cash
from the market; however, being able to rely on an adequately ample cash level
relative to its own structural liquidity position (medium-long term assets are
substantially financed medium-long term, based on Group policies), the Group has
handled a reduction in the strategic cash reserves, not renewing the entire structural
cash reserve that became due during the year. Consequently, there was a €37.4 billion
reduction in securities in issue in late 2008 compared to December 2007.
In 2007, the increase was mostly explained by the merger with Capitalia. Net of
Capitalia, securities in issue amounted to €208.6 billion, up by €1.3 billion on
December 2006.
Non-current assets and disposal groups classified as held for sale and associated
liabilities
(in millions of €) % Change
Non-current assets and
disposal groups
classified as held for
sale: breakdown by type
of asset 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2009/2008 2008/2007 2007/2006
A. Individual assets
A.1 Equity
investments - 2 55 61 -100.0% -96.4% -9.8%
A.2 Property, plant
and equipment 8 33 311 3 -75.8% -89.4% n.s.
A.3 Intangible
assets 4 - 79 - n.a -100.0% n.a.
A.4 Other noncurrent
assets 37 6 422 - 516.7% -98.6% n.a.
Total A 49 41 867 64 19.5% -95.3% n.s.
B. Asset groups
(disposal groups)
B.1 Held for trading
financial assets - - 256 - n.a -100.0% n.a.
- 214 -