Prospectus - Notowania

Section 3 – Liquidity risk
Managing liquidity risk in the UniCredit Group
In order to ensure the effective control of liquidity in the current environment characterized by structural change in markets
and the resulting curtailment of liquidity, and on the basis of guidelines provided by domestic and international authorities, in
2009 the UniCredit Group supplemented the Group Liquidity Policy which defines the governance, principles, rules, metrics
and methodologies for measuring, managing and monitoring liquidity risk in order to enhance its effectiveness.
This supplement involved a stricter determination of limits over short-term liquidity mismatches and over maturity
transformation activities (structural liquidity risk) and entailed the adoption of an even more conservative policy in terms of
liquidity buffers, counterbalancing capacity and liquidity positions in currencies other than the euro, as well as cash horizon
objectives defined as the number of days of survival without accessing the market.
In performing its role as the coordinator, controller and final manager of liquidity risk on a consolidated basis, the Parent
Company continues to make use of four Regional Liquidity Centers (in Italy, Germany, Austria and Poland) which are charged
with operating and monitoring responsibility for this risk with respect to companies within the respective scope of
consolidation, taking into account regulatory restrictions imposed by local regulators.
Thus, the Group's model is based on the centralized coordination of liquidity risk through decentralized accesses to markets
according to the functional specialization principle, by taking advantage of the ability of each bank to operate in domestic or
international markets using deposit instruments that are typical in several countries. The Parent Company maintains access
to the government capital market for issues of senior and subordinated instruments and/or instruments that are sensitive to
changes in credit ratings. This approach made it possible to diversify sources of liquidity supply in terms of markets and
instruments.
The circulation of cash is guaranteed through a Cash Pooling system that allows Group banks to fund themselves or lend
excess liquidity through the Parent Company's Treasury Unit, which, in this way, optimizes liquidity that already exists in the
Group through second-level netting by gathering cash from banks that have excess liquidity and lending the funds to banks
that are short on cash, thereby reducing the need to access sources of financing in the market.
The Group's Transfer Pricing Policy, which places an appropriate price on liquidity for business areas, allows for the efficient
allocation of liquidity and thus serves as an important strategic management tool.
In the first nine months of the year, the Group realized 90% of the medium-long term funding plan, taking into consideration
the opportunity of issuing secured instruments such as guaranteed bonds in Italy.
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
202