Prospectus - Notowania

10.2. Information regarding the financial resources of the Issuer
The UniCredit Group obtains the resources necessary to finance its activities mainly from
traditional customer deposits, the issue of bonds and use of the interbank market. For
information on equity and regulatory capital ratios, refer to the data and information contained
in Chapter 9 (“Report on the operational and financial situation”).
The representation of the financial resources, other than equity and used by the UniCredit
Group to carry out its activities, has been drawn up by distinguishing between direct deposits
and the net interbank balance as shown in the following table.
( millions of €) % change
Total deposits or net
interbank balance 09.30.2009 12.31.2008 12.31.2007 12.31.2006 2008/2009 2007/2008 2006/2007
Amounts owed to customers 381,746 388,831 390,400 287,979 -1.8% -0.4% 35.6%
Outstanding securities 208,358 202,459 239,839 207,276 2.9% -15.6% 15.7%
Total direct deposits 590,104 591,290 630,239 495,255 -0.2% -6.2% 27.3%
Amounts owed to banks 124,112 177,677 160,601 145,683 -30.1% 10.6% 10.2%
Loans to banks 97,288 80,827 100,012 83,715 20.4% -19.2% 19.5%
Net interbank balance 26,824 96,850 60,589 61,968 -72.3% 59.8% -2.2%
Total liabilities 616,928 688,140 690,828 557,223 -10.3% -0.4% 24.0%
In 2008, net deposits on the whole reached the levels of the previous financial year, although
showing a different composition, with greater use of the interbank channel. In fact, a reduction
in the volume of outstanding securities was followed by greater use of loans through payables
due from banks, especially through greater access to deposits via Central Banks. In the first
nine months of 2009, the trend changed with a substantial reduction in access to the bank
channel especially through lower use of loans by central banks, for which a substantial need
manifested itself during the course of 2009.
The differential between the data as at December 31, 2006 and 2007 is mainly attributable to
the merger with the Capitalia Group on October 1, 2007. As at September 30, 2007, before the
merger, total liabilities amounted to €569,936 million, of which €516,032 million accounted for
by total direct deposits.
As regards the breakdown of the individual items, refer to the more detailed information shown
in Chapter 9 of the First Section in the comments on the balance sheet data for the years ended
as at December 31, 2008, 2007 and 2006 and the period of nine months up to September 30,
2009.
With regards to UniCredit Group short-term deposits, financing is obtained not only from the
interbank market but from issues of debt securities also via the issuance of commercial paper
and deposit certificates. Said instruments make it possible to directly access more types of
investors from different geographical areas.
Outstanding securities as at September 30, 2009 stood at €208 billion, composed of bonds for
€163 billion and other securities, essentially deposit certificates and commercial paper, for €45
billion, the latter expiring normally within the year. On the whole, 13% of outstanding
securities as at September 30, 2009 expires by December 2009, 64% between 2010 and 2014
(of which 18% in 2010, 14% in 2011, 13% in 2012, 10% in 2013 and 9% in 2014) and 22%
after 2014.
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