Prospectus - Notowania

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RISK FACTORS
liquidity facilities - necessary for ensuring the prompt repayment of the
securities issued by the same.
As a result of the activities carried out, the Group incurs the majority of the risks
and benefits from the returns associated with the Conduit’s activities, also
availing of the power to govern the same. Consequently, these special purpose
entities are consolidated on a line-by-line basis.
(c) Other structured credit products in relation to which the UniCredit Group acts
as investor
The UniCredit Group invests in structured credit instruments whose total net
exposure as at September 30, 2009 amounted to €9,450 million (€12,022 million
as at December 31, 2008).
The total of the values recorded in the financial statements for the same
UniCredit Group exposures with regard to structured credit products are
illustrated below.
(millions of €)
Structured credit product exposure
Balances as at 09.30.2009 Balances as at 31.12.2008
Type of exposure Net exposure Net exposure
RMBS 3,909 4,486
CMBS 1,569 1,690
CDO 516 850
CLO/CBO 1,420 1,766
Other ABS 1,514 2,174
Warehouse financing 522 1,056
Total 9,450 12,022
The portfolio of structured credit products held by the UniCredit Group is
limited to 1.08% of the total of the portfolio of financial assets as at September
30, 2009.
It should be noted that part of these exposures has been reclassified as permitted
by Regulation No. 1004 issued by the European Commission in October 2008,
which acknowledged the amendments made by the IASB to IAS 39.
With regard to the positions reclassified, as a point of fact the intention to trade
no longer exists due to the reduced liquidity and the turbulence on the financial
markets.
In this context, also in consideration of the underlying fundamental values, it
was therefore deemed that the most opportune profit strategy was that of
maintaining these assets within the portfolio for the immediate future.
In light of the tension which is affecting the financial market and in particular
the structured credit instruments segment, the UniCredit Group has implemented
a series of measures aimed at ensuring a more stringent monitoring of these