Prospectus - Notowania

Other traded financial instruments and
correlated derivatives 1,220 157 289 677.7% -45.7%
Total (2,522) 541 1,470 -566.2% -63.2%
The year as at December 31, 2008 recorded a €2,522 million loss from trading
activities; this trading loss comprises mainly the negative assessment result (€-302
million) to which is assed the negative result deriving from the trading activity
(€1,958 million) and, for the residual amount, from the loss on exchanges and gold (€-
262 million). The above table shows that the net loss is mostly caused by equities,
units of collective investment undertakings and correlated derivatives (€-5,391
million); this result in particular is made up of the negative impact of trading activities
for €4,741 million (of which 78% on equities and correlated derivatives and for the
remaining 22% on collective investment undertakings) and, for the remainder, of the
net effect of the assessment activity for €650 million.
With reference again to the year ended as at December 31, 2008, the positive result
related to debt securities, loans and correlated derivative instruments (deriving for
€183 million from the valuation component and for €1,466 from the trading activity)
must be read in light of the reclassifications made in compliance with the provisions
of IAS 39; this entailed the possibility of transferring to the categories “Loans and
Receivables” and “financial assets held to maturity” those instruments for which
determined characteristics existed. The overall effect of this reclassification on trading
income was to reduce losses by €2,287 million. Lastly, considering that a material part
of the negative results recorded in this item are due to the Markets & Investment
Banking business segment, the subsequent sections of this Chapter illustrate the
dynamics that led to certain results in the individual business segments.
During 2007, the result of the trading activity saw a substantial contribution by the
activity in debt securities, mostly thanks to the results deriving from the component of
the derivatives that are correlated to them. The equity component was affected by the
turbulent market conditions and for the part of equities and related derivatives
recorded overall losses for €914 million compared to €329 million in income on
collective investment undertakings.
In 2006, with a positive performance of the debt securities segment, the equity
component also performed well, enabling the recording of particularly positive
income with reference to collective investment undertakings (€574 million).
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