DOCSLIB.ORG

Annual Report and Consolidated Financial Statements Iccrea Banca

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report and Consolidated Financial Statements Iccrea Banca 2o16 Annual Report and Consolidated Financial Statements Iccrea Banca Relazioni e Bilancio consolidato Istituto Centrale del Credito Cooperativo Capogruppo del Gruppo bancario Iccrea 2o16 2016 Annual Report and Consolidated Financial Statements Iccrea Banca S.p.A. Iccrea Banca S.p.A. Central Credit Institution of the Mutual Banking Industry Parent Company of the Iccrea Banking Group Registered office and Headquarters: Via Lucrezia Romana 41/47 - 00178 Rome Share capital: €1,151,045,403.55 fully paid up Company Register and Tax ID no. 04774801007 - R.E.A. of Rome no. 801787 Entered in the register of banking groups at no. 20016 Entered in the register of banks at no. 5251 ABI ID no. (8000) CONTENTS Consolidated Report on operations 5 Consolidated Financial Statements at December 31, 2016 37 Balance sheet 38 Income statement 39 Statement of comprehensive income 40 Statement of changes in shareholders’ equity 2016 41 Statement of changes in shareholders’ equity 2015 42 Statement of cash flows 43 Notes to the financial statements 45 Part A - Accounting policies 47 Part B - Information on the balance sheet 87 Part C - Information on the income statement 153 Part D - Comprehensive income 179 Part E - Risks and risk management policies 183 Part F - Information on capital 269 Part G - Business combinations 283 Part H - Transactions with related parties 287 Part I - Share-based payments 289 Part L - Operating segments 291 Report of the audit firm 297 Consolidated Report on operations for the financial year January 1 - December 31, 2016 CONTENTS Consolidated report on operations INTRODUCTION ................................................................................................................................................. 8 1. THE ICCREA GROUP’S STRATEGIC LINES OF BUSINESS .............................................................. 10 2. CREATING VALUE FOR THE MUTUAL BANKS AND OVERVIEW OF OPERATIONS ................... 15 3. DEVELOPMENTS IN GROUP OPERATIONS ...................................................................................... 16 4. MAIN RISKS AND UNCERTAINTIES TO WHICH THE ICCREA BANKING GROUP IS EXPOSED20 5. INTERNAL CAPITAL AND LIQUIDITY ASSESSMENT PROCESS ...................................................... 23 6. INTERNAL CONTROL SYSTEM............................................................................................................. 26 7. OTHER SIGNIFICANT INFORMATION ................................................................................................. 28 8. SUBSEQUENT EVENTS AND OUTLOOK ........................................................................................... 35 ATTACHMENT: RECONCILIATION OF NET PROFIT AND SHAREHOLDERS’ EQUITY OF THE PARENT COMPANY AND GROUP PROFIT AND EQUITY ...................................................................... 36 CORPORATE BOARDS for 2016-2018 Elected by the Ordinary Shareholders’ Meeting of July 12, 2016 Officers designated by the Board of Directors at the meetings of October 4, 2016 and October 27, 2016 Board of Directors Executive Committee MAGAGNI Giulio Chairman CARRI Francesco Chairman MAINO Giuseppe Senior Vice Chairman COLOMBO Annibale LIBERATI Francesco Vice Chairman FERUGLIO Carlo Antonio ALFIERI Lucio PORRO Angelo AZZI Alessandro RICCI Secondo CARRI Francesco COLOMBO Annibale Board of Auditors FERRARINI Franco GASPARI Luigi Chairman FERUGLIO Carlo Antonio RONDINA Romualdo Standing Auditor MORETTI Mara SBARBATI Fernando Standing Auditor PORRO Angelo RICCI Secondo ANDRIOLO Riccardo Alternate Auditor STRA Pierpaolo FELLEGARA Annamaria Alternate Auditor TOSON Leonardo SAPORITO Salvatore Senior management RUBATTU Leonardo General Manager BOCCUZZI Giovanni Vice General Manager ICCREA BANCA S.P.A. –2016 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS entry of non-bank entities into areas of activity INTRODUCTION heretofore the exclusive preserve of banks; • a macroeconomic and financial environment that is still characterized by a weak economic recovery, Dear Shareholders, which hinders the provision of any strong support for the manufacturing and services sectors, and by very low, if not negative, interest rates that are The year 2016 was one characterized by events that squeezing margins in the lending market; engendered even more uncertainty in the market. • supervisory action calling for banks, especially The consolidation of a number of operations Italian banks, to improve the quality of their assets initiated in 2015 for the resolution and reorganization through effective measures to reduce the stock of of significant parts of the Italian banking sector, the bad loans and to revise the models and policies for shock of Brexit, which undermined an already weak managing those assets. Europe, heightened tensions in the Middle East and additional uncertainties in an evolving geopolitical situation all had an impact on the strategies and the It is increasingly clear that the traditional business consequent volume of bank operations. For the model of banks must be scrutinized and that, in order European banking industry, this environment was to continue to play the role of local banks supporting associated with a reference market characterized by their communities, a structural revision of the approach interest rates at zero, increasingly tight regulation and to the supply of products and services, and the increasingly demanding customers. associated cost structure, is needed. The Italian mutual banking industry is in the midst Discipline, efficiency and profitability are the key of these changes and cannot stand still. It must words that best summarize the substance of this break continue to evolve to seize all value-creating with the past. For the mutual banking industry, priority opportunities and maintain its leading role in the will be given to maintaining and strengthening a sound European banking landscape. capital base and adopting a more risk-sensitive With Law 49/2016 and the update of Bank of Italy approach to enhance its ability to generate value for Circular 285 of November 2, 2016, the creation of the the benefit of the communities and territories in which Mutual Banking Group got under way. The new group the mutual banks operate. is called upon to give an effective and concrete The action of the ECB's supervision of our Group, response to strengthening the role of the mutual banks consistent with the environment described above, is in their territories. The main challenge is the need to conducted along several lines: build, using a sound and structured process, the new group organization that the reform set out, with a view • assessing the sustainability and robustness of the to strengthening the foundations of the mutual business model, both through the analysis of the banking system and giving the mutual banks final data and the content of the three-year strategic increasingly evolved support. The mutual banking plan; industry and the mutual banks themselves will • examining strategies for managing non-performing continue to be an active part of the Italian economic positions and initiatives to reduce them; system, and Iccrea fully understands the responsibility of being a Parent Company, as its vocation and • conducting ordinary inspections in various areas, intentions are to be a partner of the mutual banks. such as governance, the lending process and IT security. As we have seen, the formation of the Banking Group is being undertaken in a competitive environment, one whose complexity is being increased Following intense supervisory activity, the European as a result of the combined impact of a variety of Central Bank's assessment of the Banking Group, as factors: expressed in the SREP decision at the end of 2016, • the continuous evolution of customer behavior, confirms that the Group has effective and induced and supported by the development of comprehensive strategies and processes to measure, digital technologies, which has made banks’ maintain and allocate capital, and that the amount, traditional customer relationship model less type and allocation of capital are generally appropriate comprehensive and increasingly less effective; to cover the nature and level of risks to which the Group is or could be exposed. • regulatory developments increasingly directed at increasing competition in the sector, favoring the In this scenario, last year the Iccrea Banking Group carried out the merger of Iccrea Banca and Iccrea 8 ICCREA BANCA S.P.A. – DIRECTORS’ REPORT ON OPERATIONS Holding, thereby installing an entity with a banking Dear Shareholders, only together can we tackle face license at the head of the group and allowing the rapid all the challenges that await us. That is why the start of the process of reforming the mutual banking contribution of commitment, skills and responsibility, industry. At the same time, beginning with an in-depth together with the trust of our customers and analysis conducted by the ECB in 2015, a thorough shareholders, is and will be, now more than ever, a key revision of the Group's governance arrangements was resource for overcoming a turning point in the history conducted in order to give the Group with an efficient, of mutual banking. functional system aligned with the expectations of the market and the supervisory authorities. In 2016, the Iccrea Banking Group forged ahead with the process of improving asset quality and strengthening capital, despite the high extraordinary costs recorded during the year, notably those related to the National Resolution Fund,
Load more

Recommended publications
  • Ratings Affirmed
    Various Italian Bank Outlooks Revised To Negative After Action On Sovereign And BICRA Industry Trend; Ratings Affirmed Primary Credit Analyst: Mirko Sanna, Milan (39) 02-72111-275; [email protected] Secondary Contacts: Regina Argenio, Milan (39) 02-72111-208; [email protected] Francesca Sacchi, Milan (39) 02-72111-272; [email protected] Letizia Conversano, Dublin (39) 02-72111-283; [email protected] Alessandro Ulliana, Milan (39) 02-72111-228; [email protected] OVERVIEW • On Oct. 26, 2018, S&P Global Ratings revised to negative from stable its outlook on the 'BBB/A-2' long- and short-term ratings on the Republic of Italy following the government's planned budgetary policy deviation and the related drag on the country's already weak budgetary position and economic prospects. • Prolonged turmoil in the capital markets due to concerns about sovereign creditworthiness could impair the banks' funding profiles, potentially hiking up their cost of financing and thus reducing their profitability. • We are affirming the ratings on 19 Italian financial institutions. We are revising to negative from stable the outlooks on the ratings on 11 of these institutions. • The negative outlook on Intesa Sanpaolo and its core subsidiaries Banca IMI and Fideuram - Intesa Sanpaolo Private Banking SpA; UniCredit; Mediobanca and its core subsidiary MB Funding Lux; FCA Bank; Banca Nazionale del Lavoro; Dexia Crediop; MedioCredito Centrale; and the Italian branch of Bank of New York Mellon S.A./N.V. primarily mirrors that on Italy. • We are also revising the outlook on the Italian branches of both BNP WWW.STANDARDANDPOORS.COM/RATINGSDIRECT OCTOBER 30, 2018 1 Various Italian Bank Outlooks Revised To Negative After Action On Sovereign And BICRA Industry Trend; Ratings Affirmed Paribas S.A and BNP Paribas Securities Services to stable from positive, reflecting the action on the sovereign.
    [Show full text]
  • Elenco Banche Aderenti Accordo Anticipo Cassa Integrazione Adesioni Al 10 Aprile 2020
    Elenco banche aderenti Accordo anticipo Cassa integrazione Adesioni al 10 aprile 2020 8676 B.C.C. DEL GARDA - BANCA DI CREDITO COOPERATIVO COLLI MORENICI DEL GARDA - SOCIETA' COOPERATIVA 8982 BANCA ADRIA COLLI EUGANEI - CREDITO COOPERATIVO SOCIETA' COOPERATIVA 5036 BANCA AGRICOLA POPOLARE DI RAGUSA SOCIETA' COOPERATIVA PER AZIONI 8669 BANCA ALTO VICENTINO - CREDITO COOPERATIVO DI SCHIO, PEDEMONTE E ROANA - SOCIETA' COOPERATIVA 7075 BANCA CENTRO - CREDITO COOPERATIVO TOSCANA-UMBRIA 8509 BANCA CENTRO EMILIA - CREDITO COOPERATIVO' SOCIETA' COOPERATIVA 8716 BANCA CENTRO LAZIO CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 8324 BANCA CENTROPADANA CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 7076 BANCA CREMASCA E MANTOVANA - CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 8456 BANCA DEI SIBILLINI-CREDITO COOPERATIVO DI CASAVECCHIA-SOCIETA' COOPERATIVA 7091 BANCA DEL CATANZARESE - CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 7116 BANCA DEL GRAN SASSO D'ITALIA, BANCA DI CREDITO COOPERATIVO SOCIETA' COOPERATIVA PER AZIONI 8474 BANCA DEL PICENO CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 3048 BANCA DEL PIEMONTE 8735 BANCA DEL TERRITORIO LOMBARDO CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 8811 BANCA DEL VALDARNO - CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 7084 BANCA DELLA MARCA CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 7056 BANCA DELL'ALTA MURGIA CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 8086 BANCA DI ANCONA E FALCONARA MARITTIMA CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 8345 BANCA DI ANGHIARI E STIA - CREDITO COOPERATIVO - SOCIETA' COOPERATIVA 8883 BANCA
    [Show full text]
  • Comunicato Stampa
    COMUNICATO STAMPA Fintech, banche: Spunta, blockchain di settore è in produzione Le banche che operano in Italia possono contare su di una blockchain di settore per la rendicontazione dei conti reciproci. Spunta Banca DLT, il progetto promosso dall’ABI e coordinato da ABI Lab, ha infatti completato con successo i test tecnici ed è in produzione per la prima sezione di banche che partecipano all’iniziativa. Oggi 32 banche operano su una blockchain ed hanno spostato l’intero processo da una modalità tradizionale di scambi di telefonate e messaggi a una tecnologia basata su registri distribuiti. È quindi operativa l’applicazione di una catena di blocchi per il mondo bancario in Italia. Dopo le simulazioni e 1680 verifiche di funzionamento, tra la fine di gennaio e l’inizio di febbraio in termini di performance è emerso che sono stati raggiunti tutti i tempi obiettivo. Dall’inizio di marzo il processo è operativo. L’interrogazione dei dati e l’esecuzione delle operazioni più semplici viene eseguita in meno di un secondo, anche nei casi più complessi, mentre la generazione di report avviene in mezzo minuto. Durante il test sono stati generati 103 conti reciproci, registri bilaterali, alimentati con 7 milioni di movimenti in termini di dati reali. Il tasso di riscontro automatico registrato è stato pari al 94,5%. Sulla base di questi risultati soddisfacenti il tavolo di banche pilota che governa il progetto ha convenuto di andare in produzione secondo la pianificazione prevista. Sono intanto al lavoro le 23 banche che opereranno nella seconda finestra di migrazione. Questo raggruppamento passerà in produzione a maggio 2020.
    [Show full text]
  • Derivative Valuation Methodologies for Real Estate Investments
    Derivative valuation methodologies for real estate investments Revised September 2016 Proprietary and confidential Executive summary Chatham Financial is the largest independent interest rate and foreign exchange risk management consulting company, serving clients in the areas of interest rate risk, foreign currency exposure, accounting compliance, and debt valuations. As part of its service offering, Chatham provides daily valuations for tens of thousands of interest rate, foreign currency, and commodity derivatives. The interest rate derivatives valued include swaps, cross currency swaps, basis swaps, swaptions, cancellable swaps, caps, floors, collars, corridors, and interest rate options in over 50 market standard indices. The foreign exchange derivatives valued nightly include FX forwards, FX options, and FX collars in all of the major currency pairs and many emerging market currency pairs. The commodity derivatives valued include commodity swaps and commodity options. We currently support all major commodity types traded on the CME, CBOT, ICE, and the LME. Summary of process and controls – FX and IR instruments Each day at 4:00 p.m. Eastern time, our systems take a “snapshot” of the market to obtain close of business rates. Our systems pull over 9,500 rates including LIBOR fixings, Eurodollar futures, swap rates, exchange rates, treasuries, etc. This market data is obtained via direct feeds from Bloomberg and Reuters and from Inter-Dealer Brokers. After the data is pulled into the system, it goes through the rates control process. In this process, each rate is compared to its historical values. Any rate that has changed more than the mean and related standard deviation would indicate as normal is considered an outlier and is flagged for further investigation by the Analytics team.
    [Show full text]
  • Comunicato Stampa
    Società cooperativa per azioni - fondata nel 1871 Sede sociale e direzione generale: I - 23100 Sondrio So - Piazza Garibaldi 16 Iscritta al Registro delle Imprese di Sondrio al n. 00053810149 Iscritta all'Albo delle Banche al n. 842 Capogruppo del Gruppo bancario Banca Popolare di Sondrio iscritto all'Albo dei Gruppi bancari al n. 5696.0 - Iscritta all'Albo delle Società Cooperative al n. A160536 Aderente al Fondo Interbancario di Tutela dei Depositi Codice fiscale e Partita IVA: 00053810149 Capitale Sociale € 924.443.955 - Riserve € 733.175.003 (Dati approvati dall'assemblea dei Soci del 9 aprile 2011) COMUNICATO STAMPA Fitch Ratings conferma i rating della Banca Popolare di Sondrio. La Banca Popolare di Sondrio informa che il 6 febbraio 2012 l'agenzia londinese Fitch Ratings ha confermato i rating: “A-“ long term; “F2” short term; “a-” viability rating; “3” support; “BB” Support rating floor. L’outlook è “negativo”. La predetta conferma consegue alla determinazione di Fitch Ratings del 20 dicembre 2011 di porre sotto osservazione con implicazioni negative alcune banche italiane, tra cui la Banca Popolare di Sondrio. Si allega il comunicato stampa pubblicato da Fitch Ratings. Sondrio, 7 febbraio 2012 BANCA POPOLARE DI SONDRIO SCPA CONTATTI SOCIETARI - nome: Paolo Lorenzini - ruolo: responsabile servizio relazioni esterne - telefono: 0342 528212 - e-mail: [email protected] - indirizzo internet aziendale: www.popso.it FITCH TAKES RATING ACTION ON ITALIAN BANKS FOLLOWING SOVEREIGN DOWNGRADE Fitch Ratings-London/Milan-06 February 2012: Fitch Ratings has taken rating action on several major Italian banking groups, downgrading Banca Monte dei Paschi di Siena (MPS) and Banco Popolare's (Popolare) Long-term Issuer Default Ratings (IDR) to 'BBB' from 'BBB+', Iccrea Holding (Iccrea) and Unione di Banche Italiane - UBI Banca's (UBI Banca) Long-term IDRs to 'BBB+' from 'A-', and Intesa Sanpaolo's (Intesa) Long-term IDR to 'A-' from 'A'.
    [Show full text]
  • Buy-Side Participation in OTC Derivatives Markets
    Buy-side Participation in OTC Derivatives Markets July 2017 SOLUM FINANCIAL LIMITED www.solum-financial.com Glossary CCP Central Counterparty CTD Cheapest-to-deliver CSA Credit Support Annex EMIR European Market Infrastructure Regulation FRS Financial Reporting Standards IFRS International Financial Reporting Standards ISDA International Swaps and Derivatives Association, Inc. LDI Liability-driven Investment LIBOR London Interbank Offered Rate MiFID Markets in Financial Instruments Directive MiFIR Markets in Financial Instruments Regulation MMFs Money Market Funds MVA Margin Value Adjustment OIS Overnight Indexed Swap OTC Over-the-counter SONIA Sterling Overnight Index Average SIMM Standard Initial Margin Model TRS Total Return Swaps UMR Uncleared Margin Rules xVA Derivatives Valuation Adjustment (includes all of CVA/DVA/FCA/FBA/KVA/MVA etc.) Solum Disclaimer This paper is provided for your information only and does not constitute legal, tax, accountancy or regulatory advice or advice in relation to the purpose of buying or selling securities or other financial instruments. No representation, warranty, responsibility or liability, express or implied, is made to or accepted by us or any of our principals, officers, contractors or agents in relation to the accuracy, appropriateness or completeness of this paper. All information and opinions contained in this paper are subject to change without notice, and we have no responsibility to update this paper after the date hereof. This report may not be reproduced or circulated without our prior written authority. 2 1 Introduction Buy-side institutions have very different business models to their dealing counterparties on the sell-side, and operate under a separate regulatory framework. Whilst banks will usually seek to run a balanced book of derivatives, buy-side institutions are often running highly directional portfolios as they seek to hedge the liabilities of pension fund clients or express macro-economic views.
    [Show full text]
  • ICCREA Banca S.P.A
    Pubblicato il 30/06/2021 N. 07708/2021 REG.PROV.COLL. N. 07070/2017 REG.RIC. R E P U B B L I C A I T A L I A N A IN NOME DEL POPOLO ITALIANO Il Tribunale Amministrativo Regionale per il Lazio (Sezione Prima) ha pronunciato la presente SENTENZA sul ricorso numero di registro generale 7070 del 2017, proposto da Iccrea Banca S.p.A., in persona del legale rappresentante pro tempore, rappresentata e difesa dagli avvocati Matteo Bozzo e Domenico Gullo, con domicilio eletto presso lo studio del secondo in Roma, via dei Due Macelli 66; contro Autorità Garante della Concorrenza e del Mercato, in persona del legale rappresentante pro tempore, rappresentata e difesa dall'Avvocatura Generale dello Stato, domiciliataria ex lege in Roma, via dei Portoghesi, 12; nei confronti Banca del Piemonte S.p.A., Banca Monte dei Paschi di Siena S.p.A., Banca Nazionale del Lavoro S.p.A., Cassa di Risparmio di Parma e Piacenza S.p.A., Banca Piccolo Credito Valtellinese S.p.A., Istituto Centrale delle Banche Popolari Italiane S.p.A., Intesa Sanpaolo S.p.A., Banca Sella S.p.A., Ubi Banca S.p.A., Unicredit S.p.A., Sorgenia S.p.A., Associazione Bancaria Italiana non costituite in giudizio; American Express Services Europe Limited, in persona del legale rappresentante pro tempore, rappresentata e difesa dagli avvocati Fausto Caronna, Francesco De Biasi, con domicilio eletto presso lo studio del primo in Roma, piazza di Spagna 15; per l'annullamento - del provvedimento dell'Autorità Garante della Concorrenza e del Mercato n.
    [Show full text]
  • Modelling and Forecasting Macroeconomic
    Temi di discussione (Working Papers) Modeling and forecasting macroeconomic downside risk by Davide Delle Monache, Andrea De Polis and Ivan Petrella March 2021 March Number 1324 Temi di discussione (Working Papers) Modeling and forecasting macroeconomic downside risk by Davide Delle Monache, Andrea De Polis and Ivan Petrella Number 1324 - March 2021 The papers published in the Temi di discussione series describe preliminary results and are made available to the public to encourage discussion and elicit comments. The views expressed in the articles are those of the authors and do not involve the responsibility of the Bank. Editorial Board: Federico Cingano, Marianna Riggi, Monica Andini, Audinga Baltrunaite, Marco Bottone, Davide Delle Monache, Sara Formai, Francesco Franceschi, Adriana Grasso, Salvatore Lo Bello, Juho Taneli Makinen, Luca Metelli, Marco Savegnago. Editorial Assistants: Alessandra Giammarco, Roberto Marano. ISSN 1594-7939 (print) ISSN 2281-3950 (online) Printed by the Printing and Publishing Division of the Bank of Italy MODELING AND FORECASTING MACROECONOMIC DOWNSIDE RISK by Davide Delle Monache*, Andrea De Polis** and Ivan Petrella** Abstract We document a substantial increase in downside risk to US economic growth over the last 30 years. By modelling secular trends and cyclical changes of the predictive density of GDP growth, we find an accelerating decline in the skewness of the conditional distributions, with significant, procyclical variations. Decreasing trend-skewness, which turned negative in the aftermath of the Great Recession, is associated with the long-run growth slowdown started in the early 2000s. Short-run skewness fluctuations imply negatively skewed predictive densities ahead of and during recessions, often anticipated by deteriorating financial conditions, while positively skewed distributions characterize expansions.
    [Show full text]
  • My Company Has an Existing Loan That References SOR and Matures After End 2021
    PUBLIC FRENQUENTLY ASKED QUESTIONS FAQs FOR CORPORATES LOANS – EXISTING/LEGACY Q1: My company has an existing loan that references SOR and matures after end 2021. What should I do about this? There is no immediate impact on your loan at this juncture, and your bank will be reaching out to you in due course to assist with the transition. However, to prepare for the upcoming transition, you are encouraged to review the terms and conditions of your loan contract to understand the implications and the actions required. Q2. Can my bank just replace my SOR loan pricing to SIBOR (or enhanced SIBOR)? Your bank will be writing to you at the appropriate time to consider different options. You will have the ability to choose the right loan package that best meets your needs. You will also need to consider if replacing a SOR loan with other benchmarks impacts your related transactions (e.g. hedges) and the corresponding accounting and tax implications. SORA and SIBOR are different SGD benchmarks that are determined on a different basis. In relation to the usage of SIBOR, ABS Benchmarks Administration Pte Ltd (ABS Co) is conducting a transitional testing for the enhanced SIBOR, and will provide an update after the transitional testing is completed in 2H 2020. The results of the transitional testing will be considered by the Steering Committee for SOR Transition to SORA (SC-STS), which will issue industry guidance in due course. While SORA is not commonly used in the loan market, it is not new and has been published daily by the MAS since 2005.
    [Show full text]
  • CONSOB Approves the Prospectus for the Admission to Trading of Nexi
    NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN OR AUSTRALIA This announcement is an advertisement and not a prospectus and not an offer of securities for sale in or into the United States, Canada, Japan or Australia. CONSOB approves the Prospectus for the admission to trading of Nexi Offer Period: from March 29, 2019 to April 11, 2019 subject to early closure or extension of the Offer Period Milan, March 29, 2019 – Following the press releases of March 26, 2019 Nexi S.p.A. (“Nexi”, the “Issuer” or the “Company”) announces that on March 28, 2019, the Commissione Nazionale per le Società e la Borsa (“CONSOB”) approved the Registration Document, the Securities Note and the Summary Note (collectively, the “Prospectus”) relating to the admission to trading (the “Listing”) of Nexi’s ordinary shares (the “Shares”) on the Mercato Telematico Azionario (“MTA”) organized and managed by Borsa Italiana S.p.A.. CONSOB’s approval follows Borsa Italiana’s admission to listing of the Shares on the Mercato Telematico Azionario on March 26, 2019. Structure of the Offering The free float required for the purposes of the Listing will be realized through a private placement (the "Offering") comprising: (i) a capital increase, with exclusion of pre-emptive rights, for a total maximum amount of €700 million, inclusive of the share premium, and (ii) a sale of Shares by the selling shareholders. The Offering will be reserved for qualified investors in Italy and institutional investors abroad pursuant to Regulation S of the Unites States Securities Act of 1933, as subsequently amended (the “Securities Act”), and, in the Unites States of America, limited to Qualified Institutional Buyers pursuant to Rule 144A of the Securities Act, with the exclusion of any country in which the offer of financial instruments is not permitted without specific authorization of the relevant authorities, in accordance with applicable laws or by way of exception to such provisions.
    [Show full text]
  • ICCREA Banca S.P.A
    ICCREA Banca S.p.A. (incorporated with limited liability as a società per azioni under the laws of the Republic of Italy ) €3,000,000,000 Euro Medium Term Note Programme Application has been made to the Commission de Surveillance du Secteur Financier (the " CSSF ") in its capacity as competent authority in Luxembourg to approve this document as a base prospectus under the loi relative aux prospectus pour valeurs mobilières dated 10 July 2005 which implements Directive 2003/71/EC, and amendments thereto (including Directive 2010/73/EU, to the extent implemented in a Member State of the European Economic Area) (the " Prospectus Directive ") in Luxembourg. Application has been made by ICCREA Banca S.p.A. (the " Issuer ") for notes (" Notes ") issued under the €3,000,000,000 Euro Medium Term Note Programme (the " Programme ") described in this Base Prospectus during the period of twelve months after the date hereof to be listed on the official list and admitted to trading on the regulated market of the Luxembourg Stock Exchange. The Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of the Markets in Financial Instruments Directive 2004/39/EC. The Programme also allows for Notes to be unlisted or to be admitted to listing, trading and/or quotation by such other or further listing authorities, stock exchanges and/or quotation systems as may be agreed with the Issuer. As more fully set out in "Taxation", payments of interest, premium and other income on Notes qualifying as bonds ( obbligazioni ) or securities similar to bonds ( titoli similari alle obbligazioni ) are subject in principle to a substitutive tax (referred to as the imposta sostitutiva ), in certain circumstances.
    [Show full text]
  • Cerved Official Document
    COMPETITORS ITALY PAYMENT CARDS September 2012 INTRODUCTION TO METHODOLOGY Databank's methodology for Competitors reports begins with a careful screening to identify the main organisations that are representative of a given sector. Several one-to-one interviews are then conducted with the selected organisations. Questionnaires are sent to all the leading companies on an annual basis. The information collected is then verified by an expert in the particular sector using a system of counterchecks to guarantee that the information is entirely reliable and consistent. The process is then completed using Cerved Group's proprietary information about Italian enterprises. All Competitors reports also include details concerning the strategies and performances of the leading companies in each sector. Wherever no specific source is indicated, the information published in these reports can be assumed to have been taken from Cerved Group's proprietary information bank. Coverage of any sector in Competitors products may be used in company presentations or in training courses on the subject. www.databank.it SECTOR DESCRIPTION Scope This report provides an analysis of the payment card market. The Bank of Italy's formal definition of payment cards is "plastic cards that allow payments to be made without the exchange of bank notes or coins. They may also be used to withdraw cash from automatic teller machines (ATMs) in Italy and abroad. They are normally divided into three categories: credit cards, debit cards and prepaid cards." • Products: payment cards are an electronic payment instrument used as a replacement for cash. • Functions: their main function is payment. Financing is also an important feature and is possible thanks to revolving credit cards.
    [Show full text]