Prospectus - Notowania

UCITS – Undertaking for Collective Investment in Transferable Securities
This term covers open-end real estate investment funds, both Italian and foreign, and investment companies with variable
capital. The latter are joint stock companies that have the sole purpose of collective investment of the assets gathered
through a public offer of their own shares.
US GAAP – United States Generally Accepted Accounting Principles
Accounting principles issued by the FASB (Financial Accounting Statement Board), generally accepted in the USA.
VaR - Value at Risk
A method used for quantifying risk. It measures potential future losses which will not be exceeded within a specified period
and with a specified probability.
Vintage
The year of issue of the collateral underlying bonds created by securitization. In the case of subprime mortgages this
information is an indicator of the riskiness of the bond, since the practice of granting mortgages to subprime borrowers
became significant in the US starting in 2005.
Warehousing:
A stage in the preparation of a securitization transaction whereby an “SPV – Special Purpose Vehicle” (q.v.) acquires assets
for a certain period of time until it reaches a sufficient quantity to be able to issue an ABS.
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
254