Prospectus - Notowania

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RISK FACTORS
implementation of further measures with respect to the requirements laid down by
Basel II, which could lead to a tightening of the capital requirements envisaged at
present as well as the introduction of additional requirements or limits.
In this scope, the Basel Committee for bank supervision on December 17, 2009,
published two consultation documents in regards to proposals for amendment to the
prudential regulations on the subject of capital and liquidity of banks. Based on the
comments received and the evidence gathered, the Basel Committee shall make the
necessary amendments to the proposals and could enact the final version within the
end of 2010. Prior to the acknowledgement on a national level, the rules shall form the
subject matter of the customary process of legislative revision on behalf of European
institutions. Amongst the intentions of the Basel Committee, the entry into force of the
new regulations is expected within the end of 2012.
If the capital requirements, restrictions on liquidity or ratios applicable to the Group
are increased on the basis of laws and/or regulations which will be adopted in the
future (including laws and/or regulations laid down by Basel II, as in case of
amendments subsequent to the recent proposals of the Basel Committee), it cannot be
excluded that the Group will register difficulties in adapting itself to these new
requirements, leading to possible negative effects on the activities, the financial
positions, the cash flow and the operating results of the UniCredit Group.
For further information on the main legislation which disciplines the activities of the
Issuer, reference should be made to the First Section, Chapter 6, Paragraph 6.1.3.
4.2.4 Risks associated with the reduction of the support for the liquidity of the system
by governments and central authorities
In light of the negative trend of the external scenario during most of 2009 as well, the
generalized climate of mistrust relating to funding on the interbanking market remains.
Globally, this scenario has made the intervention of the Government authorities and
the national central banks necessary, so as to support the banking system in its
entirety, and has lead some of the leading banks at European and global level to resort
to the central institutes so as to deal with the short-term liquidity requirements. This
form of finance has been made technically possible if supported by the presentation of
securities guaranteeing the same, considered as suitable by the various central banks.
What is more, there is no certainty that the adopted measures will be effectively
sufficient for increasing the liquidity of the banks over the long-term as well and there
is no certainty with regard to the fact that these measures will continue to be available
in the future and under what conditions.
The inability to raise this liquidity on the market by means of access to the central
banks against the presentation of suitable guarantees or the significant reduction in or
lack of the support for the liquidity of the system by governments and central
authorities could generate greater difficulties in raising liquidity on the market and/or
greater costs associated with recourse to this liquidity, with possible negative effects
on the activities, financial positions and operating results of the UniCredit Group.