2010 Annual Report. (Translation from the Italian original which remains the definitive version)

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1 2010 Annual Report (Translation from the Italian original which remains the definitive version)

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3 Bank officers BOARD OF DIRECTORS (*) NAZZARENO D ATANASIO Chairman MICHELANGELO ZUCCARI Senior deputy chairman ALDO AMONI MARCO BELLINGACCI MARCO CARBONARI GABRIELE CHIOCCI VALENTINO CONTI MAURIZIO LEONARDO LOMBARDI CLAUDIO UMBRICO Director Director Director Director Director Director Director (*)More information is available about the board of directors in the section Events after the reporting date of the directors report. BOARD OF STATUTORY AUDITORS MICHELE FESANI PAOLA NANNUCCI MARCO TURCHI Chairman Standing statutory auditor Standing statutory auditor MARCO CUCUZZA ANDREA FESANI Alternate statutory auditor Alternate statutory auditor GENERAL MANAGEMENT MAURO CONTICINI Senior deputy general manager INDEPENDENT AUDITORS KPMG S.p.A. 3

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5 Contents Page Directors report 9 Financial statements as at and for the year ended 31 December Notes to the financial statements Part A: Accounting policies 91 Part B: Notes to the statement of financial position 121 Part C: Notes to the income statement 167 Part D: Comprehensive income 191 Part E: Risks and related hedging policies 195 Part F: Equity 255 Part H: Related party transactions 265 Part L: Segment reporting 273 Annexes 277 Statement of the manager in charge of financial reporting 281 5

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7 Directors report 7

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9 THE MACRO ECONOMIC SCENARIO THE INTERNATIONAL ECONOMY The international economy picked up in 2010 with recovery in both developed and emerging countries, assisted by the strong relaunch of foreign trade. However, growth continues to be uncertain and multi-paced: the upturn in the US economy has consolidated while the rise in inflation, high unemployment levels and tax consolidation plans introduced by the European countries to offset default risks mean that the European recovery is still doubtful. Growth in China and the other emerging countries is rapid. The International Monetary Fund reported in the World Economic Outlook that the international economy picked up considerably on 2009 but projections for 2011 show another slow-down. GROWTH OF THE MAIN ECONOMIES (GDP y/y) Projections World -0,6% 5,0% 4,4% Developed economies -3,4% 3,0% 2,5% Germany -4,7% 3,6% 2,2% France -2,5% 1,6% 1,6% Italy -5,0% 1,0% 1,0% Euro zone -4,1% 1,8% 1,5% USA -2,6% 2,8% 3,0% Japan -6,3% 4,3% 1,6% Emerging economies 2,6% 7,1% 6,5% China 9,2% 10,3% 9,6% India 5,7% 9,7% 8,4% Source "IMF forecasts, January 2011" GDP growth in the US is expected to be 2.6% up on Recovery continues to be uncertain due to employment issues (unemployment is above 9.6%), the securities market difficulties and the high federal debt. After speeding up in the first half of 2010, industrial production settled down. Inflation is under control at +1.5% on The FED has confirmed that interest rates will not change and the Fed Funds rate continues to be between 0% and 0.25%. Uncertainties about the timing and strength of the hoped-for economic recovery and fears of a debt crisis in the Euro zone have generated a fly to quality with the related downturn in benchmark returns in both the Euro zone and the US. China is driving the upswing in the emerging countries, whose growth rate, assisted by exports, is 10.3%. However, Chinese inflation trends continue to be worrying (+4.6% year on year). The monetary authority s intervention to peg prices (raising the banks mandatory reserve ratio, introducing new property taxes) has not been very successful and the Chinese government may shortly introduce a restrictive measure. The Euro zone s GDP at 1.8% for 2010 represents rather slow and uninspiring growth. Industrial production figures are positive with a 7% improvement year on year and the key leading indicators for 2011 are good. The delicate situation of Portugal, Greece and Ireland, whose risk premium shot up during the year, has a significant effect on the Euro zone s economic growth. Unemployment levels continue to be high (10%) and inflation has risen to +2.4% on 2009 due to the take off in energy product prices. The ECB reiterated the appropriateness of the 1% reference rate, holding the inflation data to be in line with the price stability over the medium term. Although the Euro zone s economy is showing signs of improvement, the situation is still unclear and, therefore, its monetary policy continues to be accommodating and the unconventional measures such as 9

10 full allotment tenders and bond repurchase programmes are still in place even though they are temporary. Interest rates continue to rise on the main maturity ranges on the money market. Despite the production deceleration seen in the last few months of the year in Italy, its 2010 GDP rose by 1% on ISAE (the Italian Institute for Studies and Economic Analyses) consumer confidence remained weak although household expenditure increased slightly. Due to the take off of energy product prices, inflation grew by 2.1% compared to the previous year. Unemployment levels for young people remains worrying and reached a new record of 29% in December. The main stock exchanges recorded large drops in the first half of the year to recoup in the second six months of the year. Deterioration of the risk indicators of the peripheral Euro zone countries affected stock exchange prices as did the fears about austerity programmes, which may affect the international economy s recovery, and uncertainty about the health of European banks which will shortly be required to confirm their Basel III capital requirements compliance. The Italian FTSE MIB dominated by the banking sector, saw a downturn in its performance by 13%. The Euro gained ground against the Dollar on the currency markets to around $ 1.33 at year end. The Yen appreciated strongly against both the Euro and the Dollar. UMBRIA REGIONAL ECONOMY The local economy picked up slightly in 2010 thanks to improvements in all the main indicators, compared to the drop seen in the second half of 2009 when it reached a historic low. Production continues to be at very low levels although it is recovering slowly. Banca d Italia s surveys confirm this recovery. The number of companies that recorded an increase in their turnover in 2010 was 14% greater than the number of businesses that saw a decrease. This result was significantly assisted by the growth in exports after the strong drop in According to ISTAT s (the Italian state statistics institute) preliminary figures, the increase was a nominal 22.6% (12.4% at national level), partly due to the steel and metal sector (90%). The textile and clothing and food products regained ground (11.1% and 9.1%, respectively). The growth in imports affected all the relevant markets. As a result of smaller demand, the Umbrian companies reduced their production levels significantly, making considerably less use of their plants and employees. During 2010, orders grew slightly as did production and the plant utilisation rate increased moderately on 2009 but is still more than 4% down on the 2008 average. The sizeable unused production capacity together with uncertainty about the timing of the recovery contributed to the visible reduction in investments, revealed also by the small demand for loans to buy buildings and machinery, with lending conditions improving during the year, especially for more financially solid companies. Companies that spent less than that originally envisaged for investments in 2010 were 11% more than those that revised their investment programmes upwards. Company profitability improved slightly, partly affected by the profit margin erosion. This difficult situation had a significantly adverse effect on the regional labour market throughout the year, although the massive resort to the government-sponsored temporary lay-off schemes contained the effect. According to INPS (the Italian social security institution), more than double the scheme hours were authorised compared to Unemployment rates have reached 7.6% (6.7% in 2009) with employment down 1.2%. The decrease in the number of employed persons in Umbria (from 63% in 2009 to 61.3%) was accompanied by an increase in part-time or term work, which makes up more than 25% of the total. The rise in the number of self-employed persons (2.7%) is offset by a large drop in employees (-2.6%), especially in the industrial sector (-4.4%) and the services sector (- 4.5%). Deterioration of the labour market conditions has impacted on household confidence and spending capacity. There was a slight increase in loans for the purchase of homes in 2010, 10

11 up 5% on 2009, with the cost of lending continuing to decrease (from 2.94% in 2009 to 2.71%). Construction companies were affected accordingly with a perceptible drop in their production levels. After the drop seen in December 2009, the lending business has returned to a modestly positive situation with a growth rate of 2%. Loans disbursed to households picked up in 2010: loans to the private sector increased by 5% in June compared to Loans to businesses also grew although to a smaller extent with a year on year increase of 0.5%, reflecting the larger number of loans granted to businesses with more than 20 employees (1.5%) and the reduction in loans to smaller companies (-2.3%). Credit quality was affected by the overall economic downturn. The 2010 deterioration rate (new non-performing loans compared to the opening balance of loans) worsened (from 2.2% to 2.4%) and total non-performing loans equalled 6.8% of the loans to businesses and 2.5% of those to households. The risk percentage was worse than the national average. Business substandard loans (where the borrower has temporary difficulties) increased to 4.6% of the total against a slight drop in loans past due by more than 180 days (-1.2%). The negative economic impact on household s credit quality was more contained with substandard and past due loans equal to 2.8% and 1.5% of total loans, respectively. NATIONAL BANKING SECTOR As a result of the modest income available, the turn away from saving and businesses negative financial positions, direct funding and lending trends were opposing with the former slowing down steadily and the second speeding up rapidly. The deceleration in direct funding (+8.3% at the end of 2009 to +2.8%) is due to changes in bonds performance. They decreased by 1.7% over 2009, partly due to the high number of issues maturing. The remaining part of funding was substantially the same although current accounts decreased significantly and repurchase agreements repetition. The downward trend in direct funding was offset by managed funds, i.e., mutual funds, retail management and life insurance policies. Managed funds grew by 5% year on year, administered funds by 8% and new gross bancassurance life policies by 11.8% on Bank loans increased considerably from the second quarter of the year with growth rates at about 4% on an annual basis at year end (compared to +2% at the end of 2009 and the current +2% for the Euro zone). The increase is mainly due to loans applied for by businesses, generally for liquidity and debt restructuring requirements and, to a lesser extent, for production investments. Household loan applications also increased for the acquisition of homes. This improvement reflects the recovery of the real estate market (+4.2% in the first quarter) and certain recent laws (such as loan portability and suspension of loan repayments). Credit quality continued to be affected by the difficult economic situation. The 2010 deterioration rate continued to rise to +2% (in line with that for 2009). This worsening mostly related to financial companies and less so to non-financial companies and households. Nonperforming loans decreased significantly as a percentage of total loans from +38.2% at the end of 2009 to +31.6%. The net non-performing loans/loans ratio however increased to above 2.46%. Bank interest rates grew discretely against a stable policy rate of 1% and an upturn in money market rates, after the drop of the first six months of the year. The average loan rate decreased by 14 bp on 2009 while interest rates on direct funding decreased more moderately (-9 bp on 2009). The mark up fell to below 4% compared to 4.2% for 2009 while the mark down went from 0.16% to 0.4%. Annual average net interest income decreased by roughly 20 bp with growth for traditional activities modest. The Consensus data show that net interest income will drop considerably by about 7.6%. LEGISLATIVE FRAMEWORK The measures implemented by the government and the banking system in 2010 to counter the crisis and to relaunch and support the economy are continuing. They covered both households (which may request suspension of loan repayments for up to 12 months 11

12 due to an unfavourable event such as the loss of their jobs, being put on governmentsponsored temporary lay-off schemes, death or non-self-sufficiency) and businesses (in the case of loans to businesses that have already availed of concessions, they may restructure the loan lengthening its term at a better interest rate, interest rate risk may be hedged through the use of derivatives, thus transforming a floating rate loan into a fixed rate loan or a capped floating rate loan). The Italian Bankers Association (ABI) extended these measures until 31 July The network contract was introduced in July 2009 by Law no. 99/2009, subsequently amended with the 2010 financial manoeuvre which extended the potential of company networks. This instrument was the driving force behind the recovery providing tax incentives and the possibility for individual entrepreneurs and partnerships to adhere as well. The Transparency in banking and financial transactions and services and correctness in bank/customer relations measure became applicable on 1 January The main new issues relate to: disclosure (with documents about customers main rights), the synthetic cost indicator for current accounts (the banks are required to show this indicator in documents sent to customers), similar existing indicators for loans and consumer credit, periodic information (reports and periodic summaries), organisational requirements (customer classification and profiling) and use of the transparency documentation when selling bank products. Specific transparency rules have been introduced for payment services. Legislative decree no. 11/2010 was endorsed by the Italian government on 1 March 2010 applying the EC Directive PSD 2007/64/EC which introduced a single identification code (which the banking sector decided to use the IBAN for), shorter payment times and immediate availability of transferred sums. The Directive allows an extension until the end of 2012 for the latter requirement (during which the banks may extend the timeframe to 3 days or 4 in the case of paper transfers). The new rules have been applied to transfers and card transactions (debit, credit, prepaid) from 1 March 2010 and to portfolio and collection services (unaccepted trade bills - RIBA, interbank direct relationships - RID, payments against notice - MAV, bank and postal payment slips) from 5 July EC Directive 2008/48/EC was enacted with respect to consumer credit, designed to encourage cross border credit transactions, information transparency and consumer protection. The Directive also provides for amendments to the regulations for financial intermediaries, loan portability and stricter reputation, solvency and expertise requirements for agents and brokers. The legislative decree provides for the different application dates of the measures. The far-reaching reform of financial regulations was continued in 2010 aimed at limiting the impact of the crisis and implementing mechanisms to decrease the probability that similar situations may re-arise in the future. In December, the Basel Committee finalised the prudential rules for banks and the new European financial supervisory structure became applicable on 1 January At the end of 2010, the Basel Committee published the definitive documents for the new banking regulatory standard, Basel III. The new rules include: qualitative and quantitative increases in minimum capital requirements, minimum liquidity requirements, introduction of a financial leverage ceiling, creation of anti-cyclical buffers and an increase in market risk capital requirements. The December 2010 document also defines the elements making up the three elements of the capital base (common equity, Tier 1 and Tier 2) and confirms the main rules of Basel II aimed at containing capital utilisation for loans granted to SMEs (entities with turnover of less than 50 million, the reduction in terms of requirements, calculated with internal models, is 20% with the same risk level). The new parameters will only become operative in 2019, but the rules will be introduced gradually from 2013 to avoid negative effects on credit provided to the economy. The European banking standards have been fortified starting from the supervisory institutional structures in order to strengthen the coordination and cooperation methods. There have been two pillars of the European supervisory architecture in place since the start of 2011: the European Systematic Risk Board (ESRB) and the European System for Financial Supervision (ESFS), which also includes three other regulators alongside the ESRB, the European Banking Authority, EBA (for the banks), the European Insurance and 12

13 Occupational Pensions Authority, EIOPA (insurance companies) and the European Securities and Markets Authority, ESMA (securities markets), whose members include the senior management of the EU country regulators. The ESRB s duties include analysing the European financial system, identifying risks to financial stability and making recommendations (which are not binding but have to be made public and the authorities to which they are addressed must communicate the actions taken as a result, under the act or explain principle) about policies to contain such risks. The three authorities powers are: designing binding technical rules, taking decisions to resolve disputes between national authorities, asking national authorities to take steps to resolve emergency situations jeopardising financial stability, intervening in the case of the incorrect application of European rules. 13

14 UMBRIAN REGION ANTI-CRISIS MEASURES The anti-crisis measures put into place by the Umbrian Regional Authority to support the local economy with the objective of easing credit access, spreading tax burdens and injecting targeted financial resources on the market remained in place to counter the difficult economic situation. Regional law no. 4/2009 and the implementing regulation Measures to support the income of parties affected by company or employment difficulties introduced the following anti-crisis measures: - Two-year suspension of taxes, fees for public services and instalments of loans taken out to purchase or restructure the primary residence of persons who lose their jobs; the measure covers all those persons who have lost their jobs, have been made redundant, are temporarily laid off or with job security agreements. - Zero-interest loans for households undergoing difficulties. - Allocation of 32 million to non-self sufficient persons. - Measures to assist companies in difficulties: a regional guarantee fund of 5 million was set up for credit access; the credit guarantee consortia were strengthened for several production sectors and 600 thousand was earmarked for the services SMEs to assist their modernisation and development by co-financing interest on loans for investments. - Faster payments for services and supplies of goods provided by companies to the public administration. - Shorter time required for companies to access public resources for investments. - Fight against all forms of usury. Since the crisis augments household and business indebtedness, the Regional Authority has opted to increase the financial resources available to Fondazione Umbria to combat usury. - Rationalisation of the administrative organisation to free resources to be invested in strategic sectors. Compound interest Following ruling no of 4 November 2004 handed down by the United Sections of the Supreme Court, which ratified the invalidity of clauses that provided for the quarterly capitalisation of interest, violating article 1283 of the Italian Civil Code (on the basis of the principle that this practice would not be supported by any regulatory application ), the bank received numerous letters from customers regarding the recalculation of interest applied net of compound interest and, therefore, the reimbursement of any excess amounts charged to them. The bank dealt with these requests, which were not usually accompanied by any justifying documentation or a quantification of the damage, in line with the Italian banking sector s approach, by communicating its inability to fulfil the claims as the Supreme Court s ruling, although authoritative, is only effective between the parties and because the Italian Bankers Association (ABI) has expressed doubts about its compatibility with the ruling constitutional principles in legal terms. To date, a fairly limited number of customers have commenced legal proceedings after sending their first letter of warning. Just one new claim was received in 2010 about compound interest. It is almost impossible to quantify the potential amount of the recalculated interest without reperforming all the calculations regarding current accounts which had (including occasional) negative balances and, therefore, accrued interest expense over the years. Based on the pending disputes (11 for compound interest at year end) and pursuant to the 14

15 interpretative rules of article 2.61 of Law decree no. 225 of 29 December 2010 as converted with Law no. 10 of 26 February 2011, it seems reasonably to presume that the effects of hypothetical rulings against the bank following any legal proceedings still to be commenced would be only marginal. 15

16 FINANCIAL POSITION FUND MANAGEMENT At year end, total funding amounted to 3,828 million, down 62 million on 31 December 2009 (roughly -1.6%). (Excluding disintermediation with institutional customers of approximately 59 million, total funding would be substantially stable, -0.1%). Direct customer deposits rose slightly, mainly driven by the satisfactory performance of current account deposits, which benefited from intense commercial activities to expand the customer base. Indirect customer deposits were affected by the reduction in administered funds while managed funds showed an about-turn compared to 31 December 2009, mostly for the bancassurance and funds products. The decrease in administered funds is due to general market trends. The following table gives a breakdown of total funding at year end, including the above trends. CUSTOMER FUNDING ( m) 31/12/10 31/12/09 Difference % amount % 31/12/10 31/12/09 Direct funding ,7 100,0 100,0 due to customers ,9 63,4 60,2 liabilities represented by securities ,2 36,6 39,7 Indirect funding ,5 100,0 100,0 managed funds ,0 46,0 43,1 administered funds ,3 54,0 56,9 Total customer funding ,6 Direct funding Direct funding increased by approximately 17 million (+0.7%) to 2,476 million at year end (+1.7% not considering the 24 million of direct funding disintermediated with institutional counterparties). The caption Due to customers (+ 87 million on 31 December 2009) did very well thanks to the excellent performance of current account deposits (+ 93 million, +7.1%) and the upturn in savings deposits (+ 14 million, +18.2%), which more than offset the reduction in repurchase agreements. Liabilities represented by securities decreased (- 71 million, -7.2%), partly due to the maturity of securities issued to institutional counterparties which were not replaced. DIRECT FUNDING ( m) 31/12/10 31/12/09 Difference % amount % 31/12/10 31/12/09 Current accounts ,1 90,3 89,3 Repurchase agreements ,7 4,0 5,6 Savings deposits ,2 5,7 5,1 Due to customers ,9 100,0 100,0 Securities issued ,6 94,6 95,0 Subordinated liabilities ,3 5,4 5,0 Liabilities represented by securities ,2 100,0 100,0 Total direct funding ,7 16

17 Indirect funding Indirect funding, including life insurance policies net of surrenders, decreased by 78 million (-5.5%) compared to 31 December This decrease is entirely due to the Securities under custody and administration on behalf of customers, which were affected, inter alia, by the large move to managed funds and stock exchange trends. On the other hand, Managed funds increased by approximately 7 million, assisted by the Mutual funds by approximately 21 million and Bancassurance products by approximately 10 million while Managed securities and funds decreased by approximately 23 million. As a result of the above, total investments in managed funds made up 46.0% of total indirect funding at year end compared to 43.1% at 31 December The following table provides a breakdown of managed funds: MANAGED FUNDS ( m) 31/12/10 31/12/09 Difference % amount % 31/12/10 31/12/09 Mutual funds management and portfolio management ,8 20,1 24,2 Mutual funds ,0 45,1 42,2 Life insurance policies (*) ,8 34,8 33,6 Total managed funds ,0 100,0 100,0 (*) net of surrenders CREDIT MANAGEMENT Commercial activities At 31 December 2010, loans and advances to customers amounted to 2,339 million, up roughly 165 million on 31 December 2009 (+7.6%). LOANS AND ADVANCES ( m) 31/12/10 31/12/09 Difference amount % Loans and advances to customers (including net non-performing loans) ,6 An analysis by product shows the increasing share of loans, equal to 57.0% of total loans, followed by current accounts (18.5%) and other advances and financing (8.3%). Investments in capitalisation policies continue to decrease. 17

18 LOANS AND ADVANCES BY PRODUCT ( m) 31/12/10 31/12/09 Difference % amount % 31/12/10 31/12/09 Current accounts ,8 18,5 20,7 Loans ,0 57,0 54,3 Credit cards, personal loans, salary-backed loans ,7 3,0 3,9 Debt instruments ,8 1,6 1,5 Capitalisation policies ,0 2,0 2,3 Other ,4 8,3 9,4 Other than performing loans ,6 9,7 8,0 Assets cancelled but not derecognised 0 n.s. - 0,0 Total ,6 100,0 100,0 Debt instruments include approximately 21.7 million of bonds, mostly as a result of the transfer of securities on 30 September 2008 ( 15.2 million at 31 December 2010, see Part A of the notes) and approximately 16.3 million of Ulisse 4 junior notes for the bank s nonperforming loans securitisation. The following table summarises the new lending transactions carried out in 2010 with third party funds. They have all been performed with companies of the Monte dei Paschi di Siena group (MPS Leasing e Factoring, MPS Capital Services Banca per le Imprese and Consum.it). The Consum.it consumer loan product was launched in 2010 and was well met by customers, very positively affecting net fee and commission income. NUOVE EROGAZIONI (in milioni di ) Operazioni con fondi di terzi 31/12/10 31/12/09 Var su 31/12/09 Incid. % assoluta % 31/12/10 31/12/09 Leasing ,3 3 7 Factoring , MPS Capital Services , Credito al consumo , Consumit Prestiti Personali Totale , The ratio of loans to ordinary customers/direct funding, using actual figures, is 94.5% compared to 88.4% at 31 December Endorsement credits amount to 37.0 million against 39.8 million at the end of

19 Credit quality At 31 December 2010, total impaired assets, net of impairment losses amount to million, equal to 9.7% of net loans (8.0% at 31 December 2009), due to continuation of the economic crisis at national and local level. LOANS TO CUSTOMERS BY RISK LEVEL ( m ) 31/12/10 31/12/09 Difference % amount % 31/12/10 31/12/09 Non-performing loans 72,3 48,5 23,8 49,1 3,09 2,23 Substandard loans 107,1 64,7 42,4 65,5 4,58 2,98 Past due loans 45,5 59,7-14,2-23,8 1,95 2,75 Restructured loans 1,5 0,1 1, ,0 0,06 0,00 Unsecured loans to countries at risk - - 0,0-0,00 0,00 Total other than performing loans 226,4 173,0 53,4 30,9 9,7 8,0 Performing loans 2.112, ,0 111,6 5,6 90,32 92,04 Total loans to customers 2.339, ,0 165,0 7,59 100,00 100,00 Gross and net non-performing loans amount to million and 72.3 million, respectively, at year end compared to million and 48.5 million at 31 December 2009, respectively. The average impairment rate of non-performing loans is 55.0% (2009: 60.7%), partly due to the recognition of positions with better guarantees in the bank s favour and the reduction in the average discount rate (tied to the fall in the IRR). Gross and net non-performing loans make up 6.6% and 3.1% of gross and net loans to customers, respectively (31 December 2009: 5.4% and 2.2%), which is in line with the local sector levels. Gross and net substandard loans amount to million and million, respectively, at 31 December 2010 compared to 75.6 million and 64.7 million at the end of 2009, respectively, with an average impairment rate of 11.8% (31 December 2009: 14.41%). They represent 4.96% and 4.58% of gross and net loans to customers respectively (31 December 2009: 3.3% and 2.97%). The increase in inflows was accompanied by an increase in outflows for collections and a return to performing status (see section A.1.7 of Part E of the notes). Gross and net past due loans amount to 46.3 million and approximately 45.5 million, respectively, at 31 December 2010 compared to 60.3 million and 59.6 million at the end of 2009, respectively, with an average impairment rate of 1.79% (2009: 1.13%). Specifically, the average impairment rate for 2010 for past due loans by more than 180 days was 5.29% (2009: 3.93%) while the average impairment rate for loans past due by more than 90 days and secured by mortgages, determined considering the controls in place to monitor credit risk (sufficient property guarantees, low loan-to-value, appraisals updated at least every 1/3 years depending on the type of property) is 0.40% (unchanged for 2009). The percentage of past due loans to gross and net loans to customers is 1.89% and 1.94%, respectively (2009: 2.65% and 2.74%). The considerable improvement in past due loans at year end is due to the bank s careful monitoring and management of its loans. The bank accrued roughly 7.8 million (31 December 2009: 7.5 million) to the allowance for impairment made on a portfolio basis for implicit risk in performing loans, equal to an average 0.37% (unchanged). This is deemed suitable to cover possible risks implicit in the performing loans. 19

20 STRUCTURE OF THE BANKING BOOK AND OTHER FINANCIAL ASSETS At 31 December 2010, the banking book was worth million (flat-price fair value for the HFT and AFS portfolios and amortised cost for L&R) (average annual value of million) as follows: HFT portfolio AFS portfolio L&R portfolio million million million This portfolio is used to meet commitments and guarantees of approximately 364 million. Specifically, it relates to surety for the issue of bank drafts (roughly 23.5 million) and surety for bonds servicing repurchase agreements with ordinary customers (approximately 60.5 million). The remainder of the portfolio mainly consists of securities that may be allocated to Banca d Italia to meet liquidity requirements. At year end, securities allocated for intraday transactions amounted to a nominal approximate million. (*) Junior notes for the bank s non-performing loans securitisation (carrying amount of 16.3 million) The above chart shows how the banking book mainly consists of bank bonds (roughly 61%, including approximately 3.8% of covered bonds), government bonds (roughly 31.3%) and corporate bonds (2.3%). With respect to the book s financial profile, the following chart shows that 62.12% consists of floating rate securities and 1.07% of securities with maturities of less than six months. 20

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