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Financial Statements As at 31/12/2019 Carige Covered

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Financial Statements As at 31/12/2019 Carige Covered FINANCIAL STATEMENTS AS AT 31/12/2019 CARIGE COVERED BOND S.R.L. Registered Office: Via Cassa di Risparmio 15, Genoa Genoa Companies' Register no. 05887770963 Tax and VAT code no. 05887770963 Share capital EUR 10,000.00, fully paid-in Company subject to the Direction and Coordination of Banca CARIGE S.p.A. – Cassa di Risparmio di Genova e Imperia and belonging to the Banca Carige Group, listed in the Banking Group Register under no. 6175-4 CONTENTS FOREWORD 3 GOVERNING BODIES AND INDEPENDENT AUDITING FIRM 4 REPORT ON OPERATIONS 5 FINANCIAL STATEMENTS AND EXPLANATORY NOTES FINANCIAL STATEMENTS Balance Sheet 11 Income Statement 12 Statement of comprehensive income 12 Statement of changes in quotaholders' equity 13 Statement of cash flows 14 EXPLANATORY NOTES PART A: Accounting policies 16 PART A.1: Introduction 17 PART A.2: Main items of the accounts 21 PART A.3: Information on transfers between portfolios of financial assets 24 PART A.4: Information on fair value 24 PART B: Balance Sheet 25 PART C: Income Statement 30 PART D: Other information 34 2 FOREWORD Carige Covered Bond S.r.l. (hereinafter the "Vehicle" or the "Company") is a special purpose vehicle set up to carry out two medium/long-term funding programmes for Banca Carige S.p.A. via the issuance of covered bonds. The first programme (hereinafter “OBG1”) was structured on 5 December 2008 and renewed by a resolution of the Board of Directors’ Meeting of 16 September 2013, whereas the second programme (hereinafter “OBG3”) was structured on 6 December 2016. Covered bond issues are governed by the legislation on loan securitisations. In particular, Italian Law no. 80/2005, introducing articles 7-bis and 7-ter of Law no. 130/1999, regulates the issue of bonds backed by specific assets. The legislative framework was supplemented by decrees no. 310 of 14 December 2006 and no. 213 of 12 April 2007 of the Ministry of Economy and Finance and the supervisory instructions issued by the Bank of Italy (no. 501981 of 17 May 2007) as subsequently amended. Carige Covered Bond S.r.l. is part of Banca Carige S.p.A. and prepared its annual report as at 31 December 2019 in compliance with the International Accounting Standards (IAS/IFRS). The international accounting standards (IAS/IFRS) and related interpretations (SIC/IFRIC) applied are those officially approved by the European Commission and effective as at the reporting date. As regards the reporting criteria, the principle of substance over form is applied, which implies that assets and liabilities are recognised or derecognised only when the related risks or rewards are substantially transferred. The annual report, prepared in accordance with IAS 1, consists of the Financial Statements as at 31 December 2019 and the Explanatory Notes, along with the Directors’ Report on Operations. Included in the Financial Statements are the: - Balance Sheet - Income Statement - Statement of comprehensive income - Statement of changes in quotaholders' equity - Statement of Cash Flows The securitised loans are assets managed separately from those of the Company and, given the principle of substance over form, all the accounting information on the securitisation transactions is disclosed separately in Section D - Other information - of the Explanatory Notes. The annual report was audited by EY S.p.A, according to the auditing engagement conferred on this auditing firm by resolution of the Quotaholders’ Meeting of 27 July 2011 for the nine-year period 2012 – 2020. 3 QUOTAHOLDERS Banca CARIGE S.p.A. – Cassa di Risparmio di Genova e Imperia 60% holding Stichting Otello 40% holding GOVERNING AND CONTROL BODIES Board of Directors Chairman: Federico ILLUZZI Directors: Emilio GATTO Gianluca CANIATO Board of Statutory Auditors Chairman: Francesco ISOPPI Standing Auditors: Maddalena COSTA Gianfranco PICCO Alternate Auditors: Remo DOMINICI Stefano LUNARDI INDEPENDENT AUDITING FIRM EY S.p.A. 4 CARIGE COVERED BOND S.R.L. Registered Office: Via Cassa di Risparmio 15, Genoa Genoa Companies' Register no. 05887770963 Tax and VAT code no. 05887770963 Share capital EUR 10,000.00, fully paid-in REPORT ON OPERATIONS AS AT 31 DECEMBER 2019 Dear Quotaholders, We hereby present the annual report as at 31 December 2019 for your approval, consisting of Balance Sheet, Income Statement, Statement of Comprehensive Income, Statement of Changes in Quotaholders’ Equity, Statement of Cash Flows and the Explanatory Notes, together with the Report on Operations. Core business The Company was set up on 3 October 2007 pursuant to Italian Law no. 130 of 1999 which, as known, was introduced to regulate securitisation transactions in Italy. In accordance with its articles of association and the provisions of the above-mentioned law, the Company’s sole business scope, under the covered bond issuance programmes implemented pursuant to article 7-bis of Italian Law no. 130 of 30 April 1999, is the purchase for consideration of mortgage loans and securities from banks, through loans granted and/or secured by the transferring Banks. Loans and securities purchased are the guarantee for bonds issued and are designed to satisfy the bondholders’ rights in such a way as to prevent any credit risk for the company. In compliance with the foregoing legal requirements and contracts entered into, the loans purchased by the company under each securitisation transaction are assets managed separately from those of the vehicle and those relating to other transactions, in relation to which separate asset creditors other than the holders of the bonds issued to finance the transaction have no right to make any claims. More specifically, the Company is the vehicle set up to carry out two medium/long-term funding programmes via the issuance of covered bonds guaranteed by Banca Carige S.p.A., to be implemented over a five-year period for a maximum amount of EUR 5 bn for the first programme and EUR 3 bn for the second programme. As at 31 December 2019, Carige Covered Bond S.r.l. made 26 loan purchases under the OBG1 programme, of which 12 from Banca Carige, 5 from Banca del Monte di Lucca and 3 each from Cassa di Risparmio di Savona and Cassa di Risparmio di Carrara, which were merged by absorption into Banca Carige in 2015, and from Banca Carige Italia, which was merged by absorption into Banca Carige in the fourth quarter of 2016. 5 As at 31 December 2019, the Company made 11 loan purchases under the OBG3 programme, of which 6 from Banca Carige, 4 from Banca del Monte di Lucca and 1 from Banca Carige Italia. The tables below summarise the individual disposals, detailing the overall transfer price and the quota of such price settled with a subordinated loan granted by the transferor of the loans. OBG1 Sale price quota Sale price quota settled via a subordinated loan already paid Sale price Subordinated Subordinated Sale Subordinated Subordinated Subordinated Sale price quota to be loan from loan from Sale price quota period loan from loan from loan from settled transferor Cassa transferor Cassa settled by transferor Banca transferor Banca transferor Banca di Risparmio di di Risparmio di payment Carige Carige Italia (*) Monte di Lucca Savona (*) Carrara (*) 11-2008 1,505,288,305 - 1,505,288,305 - - - - 09-2009 1,034,318,857 - 848,318,857 - - - 186,000,000 07-2010 847,337,674 - 597,337,674 - - - 250,000,000 02-2011 634,148,588 - 444,148,588 - - - 190,000,000 05-2011 413,836,378 - 308,836,378 - - - 105,000,000 05-2011 625,212,749 - - 290,453,245 166,008,748 168,750,756 - 10-2011 414,567,759 229,567,759 - - - 185,000,000 01-2012 385,008,744 - 245,008,744 - - - 140,000,000 06-2012 622,567,530 - 450,567,530 - - - 172,000,000 06-2013 597,634,065 - 43,830,349 48,403,711 26,150,050 16,976,216 12,273,739 450,000,000 09-2015 559,049,045 - 187,328,398 230,994,322 67,043,195 41,399,200 32,283,930 - 02-2016 443,466,603 - - 135,466,603 - - - 308,000,000 02-2017 225,005,902 - 42,643,907 - - - 9,361,995 173,000,000 Total 8,307,442,199 - 4,902,876,489 414,864,636 383,646,490 224,384,164 222,670,420 2,159,000,000 (*) Company merged in Banca Carige S.p.A. OBG3 Sale price quota Sale price quota settled via a subordinated loan already paid Sale price Sale Subordinated Subordinated Subordinated Sale price quota to be Sale price quota period loan from loan from loan from settled settled by transferor Banca transferor Banca transferor Banca payment Carige Carige Italia (*) Monte di Lucca 12-2016 133,373,764 - 65,868,049 60,691,223 6,814,492 - 06-2017 203,618,903 - 198,506,823 - 5,112,080 - 10-2017 182,403,564 - 176,283,022 - 6,120,542 - 04-2018 152,401,365 - 152,401,365 - - - 09-2018 91,658,915 - 26,658,915 - - 65,000,000 10-2018 140,306,191 - 119,686,695 - 20,619,496 - Total 903,762,702 - 739,404,869 60,691,223 38,666,610 65,000,000 (*) Company merged in Banca Carige S.p.A. The amounts not covered by the loan granted were settled by liquidity from the securitised assets. As at 31 December 2019, the covered bonds issued by Banca Carige following disposal of the foregoing assets to the Vehicle totalled EUR 2,250,500 for OBG1 and EUR 530,000,000 for OBG3. 6 Details on the bonds issued and their performance are set out in the Explanatory Notes – Section D – Other information. Quota capital The vehicle’s quota capital is: - 60% held by Banca Carige S.p.A.
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