DOCSLIB.ORG

Notes to the Consolidated Financial Statements Capitalia

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Notes to the Consolidated Financial Statements Capitalia NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CAPITALIA DESCRIPTION OF CONSOLIDATION METHODS SCOPE OF CONSOLIDATION The consolidation does not include subsidiaries and companies subject to significant influence that are in The scope of consolidation includes Capitalia S.p.A. liquidation, inactive or for which the necessary (the parent bank) and the companies controlled directly information was not obtained in time. The exclusion of or indirectly by the parent bank that operate in the the latter had no material effect on the presentation of a banking or financial sectors or whose sole or main activity true and fair view of the assets and liabilities, financial is instrumental to the activities of the banking group. The position and results of the Group. Significant equity subsidiaries are consolidated using the full consolidation investments acquired as part of the Group’s merchant method. Companies controlled jointly with other banking activities were also excluded from the companies are consolidated on a proportional basis, consolidation. These holdings are valued at cost, written pursuant to Article 35 of Legislative Decree 87 of 27 down for permanent impairments of value. January 1992. The list of significant equity investments with Equity investments in subsidiaries under joint control information on the related consolidation method is given other than banks, financial companies, instrumental in table 3.1 of the notes to the financial statements. companies and investments in associated companies referred to in Article 36, paragraph 1, of Legislative The following table shows the changes that have Decree 87/1992, are accounted for using the equity occurred in the companies included in the scope of method. consolidation since 2003. COMPANIES INCLUDED IN FULL CONSOLIDATION: Bdr Roma Prima Ireland Ltd Became part of the banking group Cofiri International Inc. Acquired during the period Cofiri S.p.A. Acquired during the period Cofiri Società di Intermediazione Mobiliare S.p.A. Acquired during the period Fineco Mutui S.p.A. (ex Cofiri Capital S.p.A.) Acquired during the period Safei Asesores S.L. Established during the period COMPANIES EXCLUDED FROM FULL CONSOLIDATION: Bafico S.A. Liquidated during the period Banca Manager S.p.A. Merged with FinecoBank S.p.A. 116 117 BBR Rogier S.A. Sold during the period Figeroma – Fiduciaria e di Gestione Roma – Sim S.p.A. Placed in liquidation Fineco Factoring S.p.A. Merged with Capitalia L&F S.p.A. Fineco Gestioni S.p.A. S.G.R. Merged with Fineco Asset Management S.p.A. S.G.R. Fin-Eco Invest A.G. Sold during the period Gesindex SGIIC S.A. Liquidated during the period MC Gestioni Società di Gestione del Risparmio per azioni Sold during the period Multicontrol S.A. Liquidated during the period Safeinvest Conseil S.A. Liquidated during the period COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD: Box 2004 S.p.A. (formerly Roma Sim in liquidazione) Following revocation of liquidation Compagnia Italpetroli S.p.A. Acquired during the period Fineco Assicurazioni S.p.A. (formerly Giano Assicurazioni S.p.A.) Acquired by FinecoGroup S.p.A. COMPANIES EXCLUDED FROM EQUITY ACCOUNTING: Anteis Epargne S.A. Sold during the period Bankpyme SGIIC S.A. Sold during the period BDR Roma Prima Ireland Ltd Fully consolidated Colosseum 2000 Società Consortile per Azioni Liquidated during the period Courtage Etoile Snc Sold during the period Holding Banca Sara S.p.A. (formerly Holding Banca della Rete S.p.A.) Sold during the period Parco Scientifico Biomedico di Roma San Raffaele S.p.A. Following plans to transform company into a foundation Skillpass S.p.A. Placed in liquidation Società dell’aeroporto di Comiso (SO.A.CO.) S.p.A. Sold during the period METHODS OF CONSOLIDATION FULL CONSOLIDATION The figures have been consolidated in compliance The book value of equity investments is eliminated with the general principles laid down in the relevant against the shareholders’ equity in the investee company legislation. They are illustrated briefly below. attributable to the Group. CAPITALIA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The portion of shareholders’ equity and the results terms and conditions are not excluded pursuant to Article attributable to minority interests are accounted for in a 34, point 2, of Legislative Decree 87/1992. specific line in the consolidated balance sheet and income statement respectively. PROPORTIONAL CONSOLIDATION The offsetting of the book value of equity interests and the shareholders’ equity of the investee company is The same policies adopted for full consolidation also based on the values at 31 December 1993 (the first apply for proportional consolidation. Assets, liabilities, consolidation) or at the purchase date for subsequent off-balance-sheet transactions and income and charges acquisitions. are stated in the consolidated financial statements net of intragroup transactions and in proportion to the Goodwill arising on consolidation relating to the percentage holding owned. Group that cannot be otherwise allocated to the assets and liabilities of the companies is offset against negative goodwill arising during the same period (Article 32 of EQUITY METHOD Leg. Dec. 87/1992) as long as the latter is not charged to the “Consolidation provision for future liabilities and Equity investments accounted for using the equity contingencies” in anticipation of future negative method are valued on the basis of the portion of performance of the subsidiaries. The residual goodwill is shareholders’ equity corresponding to the percentage booked to “Goodwill arising on consolidation” on the holding. Any lower book value with respect to the asset side of the balance sheet and amortized over five corresponding share of equity is posted, for the portion years. attributable to the Group, under “Negative goodwill arising on application of the equity method” unless the In the event an equity investment consolidated fully or conditions for stating it under the “Provision for future accounted for using the equity method is sold, any liabilities and contingencies” are met. Any higher book residual positive or negative differences are imputed to value is stated under “Goodwill arising on application of the economic result of the disposal. the equity method”. Goodwill arising on application of the equity method attributable to the Group is offset The shareholders’ equity of investee companies against any negative differences arising during the same expressed in foreign currencies is translated into euros at period and any positive balance is recognized under end-year exchange rates. Any exchange differences are assets and amortized over five years. recognized, for the portion attributable to the Group, under “Other reserves” as “translation reserves”. Residual goodwill, net of offsets, is taken to the income statement in the event of the sale of the equity Assets, liabilities, off-balance-sheet transactions and investment. income and charges of fully-consolidated companies are stated in the consolidated financial statements net of The results of subsidiaries accounted for using the intercompany transactions. Income and losses on equity method, calculated on the basis of the percentage intercompany transactions involving securities held for holding owned, are recognized at line 170 of the income trading and exchange rates carried out at normal market statement. 118 119 FINANCIAL STATEMENTS INCLUDED approved financial statements have been used. Given the IN THE CONSOLIDATION size of the companies involved, this has not materially affected the presentation of a true and fair view of the The consolidated financial statements are drawn up Group’s assets and liabilities, financial position and on the basis of the financial statements prepared at 31 results. December 2004 by the individual companies, reclassified and adjusted as necessary to standardize them and ensure they conform with the accounting principles CURRENCY OF ACCOUNT adopted by the Group and, for foreign subsidiaries, to ensure they comply with the relevant legislation. The balance sheet, income statement and the notes to the financial statements are drawn up in thousands of In particular, leasing contracts are stated using the euros. finance method. The assets and liabilities of subsidiaries outside the The figures for 31 December 2004 were not available euro area have been translated at the relevant reference for a number of companies subject to significant exchange rate observed by the Bank of Italy at the end of influence. In these case the figures for the most recent the year. CAPITALIA PART A – SIGNIFICANT ACCOUNTING POLICIES Section 1 – DESCRIPTION OF ACCOUNTING are subject to insolvency proceedings (composition POLICIES with creditors, special administration under liquidation, bankruptcy with winding up or compulsory administrative The accounting policies adopted in preparing liquidation); the financial statements at 31 December 2004 are unchanged from those used for the 2003 financial with real estate or building loans, in addition statements. to ordinary loans where applicable, when an action for the sale of the real estate has been lodged, except where the exposure regards real estate loans to natural 1. Loans, guarantees and commitments persons fully secured by a mortgage on residential property, for which grading is effected at the date set for In the performance of Group corporate governance the hearing of the parties (Article 569 of the Code of Civil functions, the bank has set general criteria for grading Procedure). loans,
Load more

Recommended publications
  • Consolidated Interim Report As at September 30, 2011 Unicredit S.P.A
    Consolidated Interim Report as at September 30, 2011 UniCredit S.p.A. A joint stock company Registered Office in Rome: Via Alessandro Specchi, 16 Head Office in Milan: Piazza Cordusio Share capital Euro €9,649,245,346.50 fully paid in, Fiscal Code, VAT number with the Company Register of Rome: 00348170101 Registered in the Register of Banking Groups and Parent Company of the Unicredit Banking Group, with cod. 02008.1; cod. ABI 02008.1 Member of the National Interbank Deposit Guarantee Fund and of the National Compensation Fund 2 Consolidated Interim Report as at September 30, 2011 3 4 Contents Introduction 7 Board of Directors, Board of Statutory Auditors and External Auditors 9 Prefatory Note to the Consolidated Interim Report 10 Interim Report on Operations 13 Highlights 14 Condensed Accounts 16 QuarterlyFigures 18 ComparisonofQ32011/Q32010 20 Segment Reporting (Summary) 21 HowtheUniCreditGrouphasgrown 22 UniCreditShare 23 GroupResults 24 Results by Business Segment 39 Other information 84 Subsequent Events and Outlook 94 Condensed Interim Consolidated Financial Statements 97 Consolidated Accounts 99 Explanatory Notes 109 Condensed Interim Consolidated Financial Statement Certification pursuant toArt.81-terofConsobRegulationno.11971ofMay14,1999,asamended 303 Notes The following conventional symbols have been used in the tables: . a dash (-) indicates that the item/figure is inexistent; . two stops (..), “n.s.” or “n.m.” when the figures do not reach the minimum considered significant or are not in any case considered significant; . “n.a.”
    [Show full text]
  • Genius Card Multiservizi Unisun
    Genius Card Multiservizi UniSUN Quali sono le mie esigenze? Avere un prodotto semplice e conveniente, vista l’assenza di costi di emissione e canone mensile grazie allo status di studente, docente o dipendente della Seconda Università degli Studi di Napoli, per gestire in tutta sicurezza le principali esigenze di operatività bancaria, senza la necessità di avere un conto corrente. IL PRODOTTO IN SINTESI A chi è rivolto Agli Studenti e ai dipendenti – docenti e non – della Seconda Università degli Studi di Napoli che siano maggiorenni e residenti, anche a fini valutari, in Italia. Con un unico prodotto, semplice e conveniente Genius Card Multiservizi UniSUN consente di gestire comodamente e con sicurezza le principali operazioni bancarie, con in più la possibilità di accedere ai servizi resi dalla Seconda Università degli Studi di Napoli e al circuito di scontistica presso gli esercenti convenzionati dalla Banca. Come funziona Genius Card Multiservizi UniSUN è una carta prepagata nominativa ricaricabile che consente di prelevare e pagare nei negozi in Italia e all’estero grazie al circuito internazionale MasterCard. La carta è abilitata alla tecnologia contactless che consente di effettuare presso gli esercenti che espongono il marchio MasterCard PAYPASS operazioni di pagamento anche mediante semplice avvicinamento della Carta alle apparecchiature POS. Le operazioni effettuate in tale modalità: • se hanno importo pari o inferiore a 25 euro possono essere effettuate senza digitazione del PIN o firma della memoria di spesa • se hanno importo
    [Show full text]
  • Promozione Riservata Ai Dipendenti Della Provincia Di Firenze
    PROMOZIONE RISERVATA AI DIPENDENTI DELLA PROVINCIA DI FIRENZE Gentilissimo, UniCredit è lieta di riservarle, come dipendente della Provincia di Firenze: Conto Corrente di corrispondenza Tasso creditore: Euribor 365 a tre mesi, riferito alla media del mese precedente Tasso debitore: Euribor 365 a tre mesi, riferito alla media del mese precedente + 2,50 b.p. domiciliazione delle utenze (bollette) gratuita, su disposizione di addebito permanente canone annuo del servizio di Banca Multicanale (che comprende banca via Internet, banca via telefono, banca via cellulare) spese di scrittura incluse per tutte le operazioni spese di tenuta conto 7,50 €/trimestrali Inoltre, a tutti i Dipendenti della Provincia di Firenze, UniCredit riserva in esclusiva: Finanziamento CreditExpress CreditExpress *, il prestito personale al Tasso Fisso promozionale del 0%, che dà la possibilità di: richiedere da 1.000 euro fino a 2.000 euro rimborsare comodamente anche in 48 mesi (fatta salva la valutazione del merito creditizio da parte della Banca). Nelle Agenzie UniCredit potrà trovare anche i seguenti prodotti e servizi: Senzapensieri , l’apertura di credito in conto fino a 5.000 € per affrontare con serenità le spese impreviste di fine mese con canone mensile a partire da 2 € ** Trasloco Facile , per trasferire il conto corrente dalla sua vecchia banca a noi in modo semplice e veloce. Ci prendiamo cura di tutto: trasferire le bollette, l’affitto, i finanziamenti e anche i suoi investimenti . E non le costa niente! La promozione è valida dal 01 Gennaio 2011 fino al 31 Dicembre 2015. L’ASPETTIAMO OGGI STESSO NELL’AGENZIA UNICREDIT A LEI PIÙ VICINA. PER MAGGIORI INFORMAZIONI CHIAMI IL NUMERO VERDE 800.32.32.85 (per informazioni sulle caratteristiche dei prodotti a condizioni standard).
    [Show full text]
  • Comunicazione Alla Clientela in Possesso Di Certificati Di Deposito
    Comunicazione alla Clientela in possesso di Certificati di Deposito Ai sensi dell’Art. 1 Comma 345 della Legge 23 dicembre 2005 n. 266 in materia di depositi dormienti nonché dell’Articolo 4 Comma 2 del relativo Decreto di Attuazione d.p.r. 22 giugno 2007 n. 116 1 June 2009 Elenco del 1 giugno 2009 Premesso che l’art. 1, comma 345, della Legge 23 dicembre 2005 n. 266 nonché il relativo decreto di attuazione, D.P.R. 22 giugno 2007, n. 116, dispongono che le somme relative ai depositi di denaro e ai depositi di strumenti finanziari in custodia ed amministrazione cosi detti “dormienti” (ossia sui quali non sia stata effettuata alcuna operazione o movimentazione ad iniziativa del titolare del rapporto, o di terzi da questo delegati, per un periodo di almeno 10 anni) siano devoluti in un apposito Fondo istituito presso il Ministero dell’Economia e delle Finanze, si riporta di seguito l’elenco dei certificati di deposito Mediobanca al portatore e nominativi. I predetti certificati saranno estinti ed il loro valore sarà devoluto al citato Fondo, allorché i legittimi possessori dei certificati, di cui all’elenco sotto riportato, non facciano pervenire loro disposizioni, a valere sugli stessi, entro 180 giorni dalla data del presente avviso Banca di Roma S.p.A. Elenco numero 4, del 1 giugno 2009 Certificati rilasciati, per procura del nostro istituto, da: ROLO Banca 1473 ora Unicredit Banca Codice Denominazione Dipendenza Rapporto Tipo Rapporto Dipendenza 13102 RAVENNA 2 3341442 CDV – TASSO FISSO 64950 POIRCIA 6113615 CTF – TAGLIO FISSO Certificati
    [Show full text]
  • For Whatever Life Brings
    For whatever life brings Consolidated First Half Financial Report as at June 30, 2011 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 Everyone knows that life can be surprising. Many of these surprises are good things. Some are not so good. That is why people need their bank to be a reliable partner, helping them to deal with whatever life brings. Because this year’s report is inspired by real life, its graphics portray some of life’s more pleasant aspects, as well as a few of its less enjoyable features. Thus, the images present a range of contrasts, and our cover offers up a kaleidoscope of moments drawn from daily life. That is simply how life works. From the exciting to the ordinary, from the expected to the unanticipated, life is always changing and makes demands on all of us. And UniCredit is here to lend a hand. Our job is about more than offering products and managing transactions. It is about understanding the needs of our customers as individuals, families and enterprises. Our goal is to deliver solutions for the everyday issues that people face. This means providing them with concrete answers - day by day, customer by customer, need by need. Consolidated First Half Financial Report as at June 30, 2011 WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 For whatever life brings WorldReginfo - 48dfa3b1-c634-451e-a533-7d43b90a1708 Contents Introduction 5 Board of Directors, Board of Statutory Auditors and External Auditors 7 Prefatory Note to the Consolidated First Half Financial Report 8 Interim Report on Operations 11 Highlights 12 Condensed Accounts 14 Quarterly Figures 16 Comparison of Q2 2011 / Q2 2010 18 Segment Reporting (Summary) 19 How the UniCredit Group has grown 20 UniCredit Share 21 Group Results 22 Results by Business Segment 34 Other information 69 Subsequent Events and Outlook 76 Condensed Interim Consolidated Financial Statements 78 Consolidated Accounts 80 Explanatory Notes 91 Condensed Interim Consolidated Financial Statement Certification pursuant to Art.
    [Show full text]
  • Information Document (Documento Informativo) Relating to the Merger Pursuant to Art
    A Joint Stock Company - Registered Office in Genoa - Via Dante, 1 - Head Office in Milan – Piazza Cordusio; Registered with CAPITALIA - Registered Office in Via Marco the Genoa Courts in the Companies Minghetti, 17, Rome – Share Capital € Register, fiscal code and VAT number 3,123,792,732 – Rome Register of Companies, Tax 00348170101; Registered in the Register of Registration Number 00644990582 – Member of the Banking Groups and Parent Company of Interbank Guarantee Fund – The Company is a the UniCredito Italiano Banking Group Registered Bank and is the Parent Company of the registered with code 3135.1 - Member of CAPITALIA Group, a Registered Banking Group the Interbank Fund for Deposit Protection Capital: € 5,222,465,096.50 fully paid up. IINNFFOORRMMAATTIIOONN DDOOCCUUMMEENNTT MERGER INTO UNICREDIT S.P.A. OF CAPITALIA S.P.A. DRAWN UP PURSUANT TO SECTION 70, PARAGRAPH 4, OF THE REGULATIONS CONCERNING ISSUERS - CONSOB REGULATION NO. 11971/99, AS AMENDED This is an English translation of the original Italian document. This translation has been prepared solely for the convenience of the reader. The original version in Italian takes precedence. - 2 - NOTICE OF CALL OF A SHAREHOLDERS’ MEETING PUBBLISHED ON GAZZETTA UFFICIALE – II part - n. 64 DATED JUNE 5, 2007 UNICREDITO ITALIANO A Joint Stock Company Registered in the Register of Banking Groups and Parent Company of the UniCredito Italiano Banking Group registered with code 3135.1 Member of the Interbank for Deposit Protection Fund Registered Office in Genoa - Via Dante, 1 Head Office in Milan – Piazza Cordusio Capital: € 5,222,465,096.50 fully paid up Registered with the Genoa Courts in the Companies Register fiscal code and VAT number 00348170101 NOTICE OF CALL The Shareholders of UniCredito Italiano are hereby convened to an Ordinary and Extraordinary Shareholders’ Meeting to be held in Genoa, Via Dante 1, on 28th July 2007 at 9:00 am, and, if necessary, with regard to the extraordinary session, in second call, on 29th July 2007 at 18:30 pm in the same location.
    [Show full text]
  • Prospetto Informativo
    Emittente BANCA CARIGE S.p.A. Cassa di Risparmio di Genova e Imperia _______________________________ PROSPETTO INFORMATIVO relativo all’Offerta in opzione agli azionisti e ai possessori delle obbligazioni convertibili costituenti il prestito “Banca Carige 1,50% 2003-2013 subordinato ibrido con premio al rimborso convertibile in azioni ordinarie” e all’ammissione a quotazione sul mercato telematico azionario gestito da Borsa Italiana S.p.A. di massime n. 163.165.368 Obbligazioni Convertibili del Prestito Obbligazionario “Banca Carige 4,75% 2010 – 2015 convertibile con facoltà di rimborso in azioni” Prospetto Informativo depositato presso la Consob in data 12 febbraio 2010 a seguito di approvazione comunicata con nota n. 10011639 dell’11 febbraio 2010. L’adempimento di pubblicazione del Prospetto Informativo non comporta alcun giudizio della Consob sull’opportunità dell’investimento proposto e sul merito dei dati e delle notizie ad esso relativi. Il Prospetto Informativo è a disposizione del pubblico presso la sede legale di Banca Carige S.p.A., in Genova, via Cassa di Risparmio 15, sul sito internet dell'Emittente www.gruppocarige.it, nonché sul sito internet di Borsa Italiana S.p.A., www.borsaitaliana.it. Avvertenza AVVERTENZA I termini contraddistinti da lettera maiuscola sono definiti nel successivo Paragrafo “Definizioni”. Al fine di effettuare un corretto apprezzamento dell’investimento, gli investitori sono invitati a valutare gli specifici fattori di rischio relativi all’Emittente e alle società del Gruppo, al settore di attività
    [Show full text]
  • Accordo Carige
    VERBALE DI ACCORDO In data 17 novembre 2008 tra UniCredit, nelle persone dei Sigg. Angelo Carletta, Gianluigi Robaldo, Fabrizio Ferretti, Fabrizio Rinella, Giancarla Zemiti, Paolo Giannoccoli, Silvio Lops, Valeria Ruggiero, Massimo Giovannelli, Miriam Travaglia, Francesco Trapanese, Anna Lisa Rizza UniCredit Banca, nelle persone dei Sigg. Enrico Pozzi, Massimiliano Fara, Lucia Landi UniCredit Banca di Roma, nelle persone dei Sigg. Cinzia Fichera, Sergio D’Ercole Banco di Sicilia, nelle persone dei Sigg. Paolo Ruggi, Giuseppe Giordano, Antonio Saetta e Banca Carige, nelle persone dei Sigg. Giacomo Ottonello, Sergio Donegà, Luciano Salvati e le OO.SS. DIRCREDITO-FD, Giancarlo Mirandola, Giuliano Arosio, Donato Forte, Pietro Santagata, FABI, Angelo Di Cristo, Franco Ottobre, Carmelo Raffa, Cetty Di Benedetto, Stefano Cefaloni, Giovanni Galli, Carola Tessadri, Maria Furfaro, Stefano Seghezza, Massimo Giavarini, FIBA/Cisl, Ezio Massoglio, Ester Balconi, Gabriele Urzì, Daniele Bedogni, Giuseppe Matta, Monica Sebastiani, Costanzo Cavalli FISAC/Cgil, Andrea Bonansea, Fausto Ricci, Marco Salvi, Francesco Re, Franco Ospazi, Vito La Francesca, Sergio Bui, Sergio Lorenzo Bonanini, Maria Elena Di Betta, Maria Pazzini SINFUB, Antonio Raccuglia, Antonio Barbato, Francesco Cuccovillo, Filippo Pretolani, Eraldo Montali SILCEA, Vincenzo Fusciardi, Nicola Cavadi, Luigi Canadelli, Corrado Medetti, Maurizio Licandro, Sergio Russo, Alberto Di Gennaro UGL Credito Pietro Agrillo, Davide Zecca, Andrea Cavagna, Sergio Isella, Flavio Varesano, Angelo Garaventa,
    [Show full text]
  • Banca Di Credito Finanziario Spa MEDIOBANCA INTERNATIONAL
    BASE PROSPECTUS Dated: 30 December 2005 MEDIOBANCA - Banca di Credito Finanziario S.p.A. (incorporated with limited liability in the Republic of Italy) MEDIOBANCA INTERNATIONAL (Luxembourg) S.A. (incorporated with limited liability in Luxembourg) Euro 7,500,000,000 Euro Medium Term Note Programme guaranteed in the case of Notes issued by Mediobanca International (Luxembourg) S.A. by MEDIOBANCA - Banca di Credito Finanziario S.p.A. Under the Euro Medium Term Note Programme described in this Base Prospectus (the “Programme”), each of Mediobanca - Banca di Credito Finanziario S.p.A. (“Mediobanca”) and Mediobanca International (Luxembourg) S.A. (“Mediobanca International”) (each an “Issuer” and together the “Issuers”) may from time to time issue notes (“Notes”) subject in each case to compliance with all relevant laws, regulations and directives. The payment of all amounts due in respect of any Notes issued by Mediobanca International will be unconditionally and irrevocably guaranteed by Mediobanca - Banca di Credito Finanziario S.p.A. (in such capacity, the “Guarantor”). Notes issued under the Programme will have denominations in integral multiples of Euro 1,000 and a minimum denomination of Euro 1,000. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see “Risk Factors”. Application has been made to the Commission de Surveillance du Secteur Financier (the “CSSF”) in its capacity as competent authority under the Luxembourg Act dated 10 July, 2005 on prospectuses for securities to approve this document as a base prospectus for each Issuer. Application has also been made for Notes issued under the Programme during the period of 12 months from the date of this Base Prospectus to be listed and admitted to trading on the regulated market of the Luxembourg Stock Exchange.
    [Show full text]
  • Why Do Banks Securitize? the Case of Italy
    WHY DO BANKS SECURITIZE? THE CASE OF ITALY MARIAROSARIA AGOSTINO Research Fellow, Dipartimento di Economia e Statistica, Università della Calabria [email protected], +39 0984 492469 MARIA MAZZUCA Assistant Professor, Dipartimento di Scienze Aziendali, Università della Calabria [email protected], +39 0984492276, fax +39 0984 492277 Abstract This paper explores the motivations underlying the securitization activities of Italian banks from 1999 to 2006. The hypotheses under investigation are those of funding, specialization and regulatory capital arbitrage. To test which of the incentives suggested by these hypotheses are statistically significant securitization’s determinants, we estimate a probit model, in which the probability of carrying out securitizations is linked to a set of balance sheet indicators and a vector of further control variables. Consistently with the funding hypothesis, the main conclusion of the research is that Italian banks seem to securitize in order to diversify/optimize the available funding channels. Besides, the status of the bank on the stock exchange positively affects the decision of securitizing, presumably because of the “market knowledge effect”. By contrast, the motivations related to the other two hypotheses do not appear to be relevant. Finally, also bank’s size tends to increase the propensity to securitize, supporting the argument that bigger banks are better able to bear the high structuring costs associated to securitization. 1. Introduction Securitization involves the legal or economic transfer of assets or obligations by an originating institution to a third party, typically referred to as a “special purpose vehicle” (SPV); the SPV then issues asset-backed securities (ABS), or other structured finance securities (MBS, CMBS, RMBS, CDO, WBS and so on), representing claims against specific pools of assets (Basel Committee on Banking Supervision, 2001).
    [Show full text]
  • Unicredit S.P.A. 2008 Reports and Accounts and Reports 2008 S.P.A
    UniCredit S.p.A. 2008 Reports and Accounts UniCredit S.p.A. 2008 Reports and Accounts www.unicreditgroup.eu At UniCredit Group we are aware that our business activities have an impact on the environment, and always factor environmental sustainability into our strategic decisions. In 2009 the greenhouse gas emissions associated with the paper used for the publication of 2008 Consolidated Reports and Accounts and Sustainability Report have been offset by a contribution to a biomass-fueled district heating plant in Italy (Valtellina). The offsets for the 2008 Consolidated Reports and Accounts and Sustainability Report were executed in association with AzzeroCO2 UniCredit Italian Joint Stock Company Registered Office: Rome, Via A. Specchi, 16 Pictures General Management: Milan, Piazza Cordusio Registration number in the Rome Trade and Companies Register, Cover, sorter pages and Top Manager Tax Code and VAT No. 00348170101 Entered in the Register of Banks Courtesy Ferruccio Torboli (UniCredit Group) Parent Company of the UniCredit Banking Group Banking Group Register No. 3135.1 Member of the Interbank Deposit Protection Fund Capital Stock: e 7,170,400,150.00 fully paid in Printed on certified recycled chlorine-free paper. Our Commitment is Our Strength 2008 was a year that posed significant challenges to the global economy, to the financial services industry and to our business. To date, our business model remains sound, and our outlook is positive for our future operations. We remain positive because we know that we can count on our greatest strength. It is our solid and rigorous commitment - to our customers, to our people, to our investors, to the communities we serve, to our core values, to culture, to quality in everything we do, and to the sustainable success of our enterprise.
    [Show full text]
  • Meeting Real Needs with Concrete Solutions
    Meeting real needs with concrete solutions. UniCredit S.p.A. 2011 Reports and Accounts Every day, life presents new challenges and opportunities. Every day, we each have a new story to tell that involves tangible needs and requires clear answers. In this year’s annual report, we illustrate our way of banking with stories of the people, businesses and institutions who use our customized solutions. You will read stories about how we worked together to promote sports in schools and how we gave a boost to long-established industrial firms by enabling them to update their machinery. You will also learn about how we have supported the development of new computer systems and have provided broad support to the green economy. These stories were built on entrepreneurship, courageous innovation, respect for tradition, and our strong bonds with local communities. We strongly believe that being a bank today means making a concrete difference, day in and day out, for those who have chosen to do business with us. It means facing challenges together and creating a world of new opportunities. These are true stories - snapshots of ordinary life that shape the mosaic of our daily work. At UniCredit, we are creating a world of relationships, where our stakeholders can best meet the changing needs of the times. UniCredit S.p.A. 2011 Reports and Accounts Rewarding talented young entrepreneurs. As Italy’s future relies on its young talents, Il talento delle idee (The Talent of Ideas), a contest involving UniCredit and the Young Entrepreneurs Association, provides a valuable challenge. Dedicated to entrepreneurs between the ages of 18 and 40, the contest identifies and promotes business ideas based on feasibility and innovation.
    [Show full text]