Prospectus - Notowania

(millions of €) % Change
Fee and commission expense: breakdown 12.31.2008 12.31.2007 12.31.2006 2008/2007 2007/2006
a) guarantees received (138) (108) (84) 27.8% 28.6%
b) derivatives on receivables (44) (25) (6) 76.0% 316.7%
c) management and brokerage services: (1.035) (932) (726) 11.1% 28.4%
d) collection and payment services (459) (420) (370) 9.3% 13.5%
e) other services (356) (439) (433) -18.9% 1.4%
Total (2,032) (1,924) (1,619) 5.6% 18.8%
The component of the fee and commission income related to “management and
brokerage services” mainly comprises commissions deriving from financial
instrument and currency trading services, from the individual and collective asset
management service, as well as from the securities distribution and placement services
and distribution of services to third parties; it also includes the commissions correlated
to the distribution of insurance products.
The “other services” item is mainly made up of lending services to ordinary
customers, of the service of organising loans to transactions and services abroad and
of package accounts.
The 2% reduction recorded in 2008 relative to 2007 results from a generalised
reduction in fee and commission income, mostly evident with reference to
management, brokerage and consulting services linked to derivatives on receivables
and servicing for securitisation transactions; these reductions were offset to a great
extend by the first consolidation of the Capitalia group for a whole year.
The positive change recorded in 2007 relative to 2006 is partly due to the effects of
the first consolidation of the Capitalia group.
With regard to “fee and commission expense”, the “management and brokerage
services” entries is mainly due to the services received for trades in financial
instruments and currencies, to securities custody and administration services; to
financial instruments (mainly investment funds) placement services, to services
pertaining to the outside offer of securities, products and services and to the
commissions paid for asset management, with particular reference to third-party
portfolios. The “other services” component refers mainly to the loans received and to
the organisation of such loans, to the securities service, to relationships with credit
institutions and to the lending of securities.
The 6% growth in fee and commission expense recorded in 2008 compared to 2007 is
mostly due to the effects of the first full-year consolidation of the Capitalia Group into
UniCredit. In this context, there was a generalised reduction in fee and commission
expense, evident mostly with reference to management and brokerage services.
The positive change recorded in 2007 compared to 2006 is partly due to the effects of
the first consolidation of the Capitalia Group.
(millions of €) % Change
Net trading income: breakdown 12.31.2008 12.31.2007 12.31.2006 2008/2007 2007/2006
Debt securities, loans and correlated derivative
instruments 1,649 968 443 70.2% 118.5%
Equities, units of collective investment
undertakings and correlated derivatives (5,391) (584) 738 823.1% -179.1%
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