Prospectus - Notowania

Administrative expenses for personnel
(in millions of €) % Change
Administrative expenses for personnel:
breakdown 12.31.2008 12.31.2007 12.31.2006 2008/2007 2007/2006
1) Employees (9,796) (8,890) (7,689) 10.2% 15.6%
2) Other personnel (193) (171) (144) 12.9% 18.8%
3) Directors (36) (36) (27) 0.0% 33.3%
Total (10,025) (9,097) (7,860) 10.2% 15.7%
In 2008 staff expenses, amounting to € 10.0 billion, grew about 10%, due to the
consolidation of the Capitalia Group for the entire year 2008, while for 2007 this
effect had only been recorded starting from October 1. Over the past two years, the
Group initiated rationalisation actions consequent to the integration with the Capitalia
Group, which started to show their benefits in the income statement, and reduced the
variable component of compensation by effect of the lower-than-expected results. The
item includes extraordinary costs for leaving incentives, i.e. € 107 million in 2008
related in particular to the aggregation with the Capitalia Group and for € 887 million
in 2007 related in particular to the aggregation with the Capitalia Group and for € 15
million in 2006 related to integration with the HVB Group. These amounts are
reclassified in the “Merger costs” item of the reclassified income statement.
The increase between 2007 and 2006 is explained by the staff expenses of the
Capitalia group of the fourth quarter 2007 and by the aforementioned merger costs.
The change net of the merger costs and Capitalia costs, also taking into account the
smaller variations of the consolidation area and of the exchange effect, would have
brought about a limited reduction. The latter reduction was due mainly to the positive
effects deriving from the reform of complementary pension schemes in Italy, which
led to a positive effect of € 127 million in allocation to the employee severance
indemnity, and from the change in the pension scheme of the subsidiary BA, which
led to a positive effect of € 163 million in allocation to company pension funds. To
the above are also added the initiatives to optimise the resources employed and the
reduction in the variable compensation of the Markets & Investment Banking business
segment, which as a whole more than offset the cost increases in CEE countries,
linked to network expansion initiatives.
Other administrative expenses
(in millions of Euros) % Change
Other administrative expenses:
breakdown 12.31.2008 12.31.2007 12.31.2006 2008/2007 2007/2006
1) Indirect taxes and duties (527) (348) (289) 51.4% 20.4%
2) Miscellaneous costs and expenses (5,532) (4,756) (4,260) 16.3% 11.7%
a) advertising, marketing and
communication expenses (495) (527) (547) -6.1% -3.6%
b) expenses related to credit risk (239) (132) (91) 81.1% 45.1%
c)indirect expenses related to
personnel (447) (390) (330) 14.6% 18.2%
d) information communication
technology expenses (1,398) (1,199) (1,073) 16.6% 11.7%
e) consulting and professional
services (412) (470) (397) -12.3% 18.4%
f) Real estate expenses: (1,306) (1,073) (951) 21.7% 12.8%
g) other functioning costs (1,235) (965) (871) 28.0% 10.8%
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