Direct deposits

As regards direct deposits, amounts owed to customers, amounting to € 15,592.2 million and substantially stable in the last quarter (-0.4%), increased over the year by 3.5% in relation to significant repurchase agreements implemented with financial counterparts.

Securities in circulation and liabilities designated at fair value, considered as a whole, amounted to € 10,991.4, and increased by 1.7% in the last quarter and by 3.4% in the year.

The total is made up almost entirely of bonds; bonds placed with ordinary customers (63%), EMTN and covered bonds (33%), and bonds placed with the Bancoposta network (4%).

During the year, issues subscribed by ordinary customers amounted to approximately € 2 billion. These were mainly comprised of plain vanilla products with duration from 2 to 10 years.  In addition, in March the bond “Banca Carige 4.75% 2010 – 2015 convertible with the option of reimbursement in shares” was offered in option to shareholders and fully subscribed (by ordinary customers and institutional investors) for a total of € 391.6 million.

Subscriptions by institutional investors amounted to € 1.4 billion. In addition to the bond above, these regarded bonds issued under the Covered Bond and EMTN (Euro Medium Term Notes) programs.

More specifically, under the five-year program for issuing covered bonds launched in 2008 for a total of € 5 billion, up to 31 December 2010 2,893.5 million bonds were issued, of which 2,393.5 million are still in issue. The issues during the year amounted to € 894 million, of which 30.8% to management companies, 31.7% to banks, 11.8% to Central Banks, and 25.7% to insurance companies and pension funds.

The bonds issued under the EMTN program amount to € 470 million. These include the Lower Tier 2 subordinated loans placed with institutional investors, for € 270 million, of which € 135.5 million for exchange tender offer set up in November, targeted to owners of Banca Carige Lower Tier 2 TV 2016 shares.

In terms of the breakdown of direct deposits by contract duration, the first half of the year was marked by a re-composition in favour of the short-term component. This trend was reversed in the second half. Therefore, over the year, the mix of deposits remained substantially stable: 59% short-term and 41% medium/long-term.

Amounts owed to banks totalled € 2,962 million, an increase compared to the € 2,252.3 million in September 2010 and the € 659.3 million recorded in December 2009. The increase is mainly attributable to repurchase agreements and short-term loans.

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