Prospectus - Notowania

The following table gives the amount of these exposures by monoliner.
Exposures to monoliners (€ thousand)
Counterparty
The Group’s portfolio includes asset-backed securities and other debt securities amounting to €941,500 thousand, which are
guaranteed also by monoline insurers.
1.6 Group Exposure to Leveraged Finance
As part of its lending business, the Group grants loans or credit lines that may be classified as leveraged finance, in that they
finance the acquisition of significant stakes in target companies, which are usually subsequently absorbed by the borrower.
Repayment and debt service depend largely on the cash flow generated by the new company post-absorption.
These transactions bear good yields in terms of both interest and fees. However, the risk is higher given the borrower’s
greater leverage.
The Group is generally involved in leveraged finance through participation in syndicated loans made by a banking syndicate.
In September 2009 the total amount of these transactions, mainly concentrated in the CIB Division, was 8,098,994 thousand
(net of value adjustments totaling € 263,400 thousand), 60% of which was with 20 counterparties, more than 98% of which
were EU residents.
These exposures are monitored continuously for credit quality by analyzing the borrower’s business performance indicators
and fulfillment of budget objectives in order to detect any lasting impairment losses.
In the case of further future syndications through the sale of a portion of the loan to third parties, at the same paying a portion
of fees already received, these fees are not recognized as income.
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
Nominal amount as at
30.9.2009
Nominal amount
as at 31.12.2008
AMBAC Assurance Corporation 3,858 2,674
Assured Guaranty Corporation 11,920 11,903
FGIC Corporation 1,169 1,202
FSA Global Funding 2,055 -
MBIA Insurance Corporation 30,854 9,308
Radian Group 30,270 8,716
XL Capital Assurance 4,165 4,164
Total 84,291 37,967
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