Prospectus - Notowania

Capital Ratios
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The Group manages its capital dynamically by monitoring regulatory capital ratios, anticipating the measures needed to
achieve its objectives and optimizing assets and shareholders’ equity. Planning and monitoring concern on the one hand
Shareholders’ Equity and the composition of Regulatory Capital (Core Tier 1, Tier 1, Lower and Upper Tier 2 and Tier 3
Capital) and on the other Risk Weighted Assets (RWA).
Under Basel II the importance of the latter has increased. Calculation of Risk Weighted Assets for portfolios managed
using the advanced approach, no longer depends solely on the face value of the asset, but also on the corresponding
credit parameters. As well as changes in volume, it is therefore crucial to monitor and predict the future trend of credit
quality on the basis of the macroeconomic scenario, i.e. the pro-cyclicality effect.
Each year the Group sets a Core Tier 1 ratio target such that it has sufficient credit standing with the larger international
banking groups.
Core Tier 1 Ratio (Basel 2) is 7.55%, the Tier 1 Ratio is 8.39% and the Total Capital Ratio is 12.08%. Considering the
capital increase announced on 29 September, the ratios would be the followings: Core Tier 1 Ratio 8.39%, Tier 1 Ratio
9.24%, Total Capital Ratio 12.92%.
Capital ratios (€ million)
09.30.2009
PROFORMA 2
Total capital 59,348 55,463 57,542 54,544
Tier 1 Capital 42,436 38,551 37,840 34,843
Core Tier 1 Capital 38,523 34,666 33,725 30,755
Total RWA 459,287 459,287 512,532 512,532
Total Capital Ratio 12.92% 12.08% 11.23% 10.64%
Tier 1 Ratio 9.24% 8.39% 7.38% 6.80%
Core Tier 1 Ratio 8.39% 7.55% 6.58% 6.00%
1. Values restated considering the inclusion in Tier 2 Capital of the portion of the translation reserve associated with foreign net
investments, re-computing the deductions for fair values changes due to differences in own credit rating, and re-calculating the
intercompany components of subordinated debts.
2. Proforma figures include the capital increase announced on September 29, 2009.
AS AT
Shareholder’s Equity Attributable to the Group
09.30.2009 AFTER CAPITAL
INCREASE
2008 1
BEFORE
CAPITAL
INCREASE
Shareholders’ equity attributable to the Group, including net profit for the period of €1,331 million, was €59,300 million
as at September 30, 2009 as against €54,999 million at December 31, 2008. The table below shows the main changes in
M9 2009.
Group Shareholders equity (€ million)
Shareholders equity as at December 31, 2008 54,999
Capital increase (net of capitalized costs) 2,839
Forex translation reserve -674
Change in afs / cash-flow hedge reserve 1,083
Others 1
-278
Net profit for the period 1,331
Shareholders equity as at September 30, 2009 59,300
1. Mainly due to options on Minorities.