996 - Banca Antonveneta

The drop in direct savings is due to the reduction in short-term securities (-21.1%), which followed the failure to renewthe matured bonds.Insofar as the “Due to Customers” items, the 1.5% growth in 2007 was the result of the increases in repurchaseagreements with ordinary customers and consumer households in particular.DIRECT DEPOSIT(in millions of Euro)DIRECT DEPOSIT(%)30,00029,00028,00027,00026,00029,20027,91826,29125,160BONDS21.18%OTHERDEPOSITS11.50%25,00024,00023,0002004 2005 2006 2007TERMSDEPOSITS1.56%CURRENT ANDDEMANDDEPOSITS65.76%Indirect depositsAs at 31 December 2007, indirect deposits of 36,198 million euro were slightly lower (-0.3%) than at 31 December 2006(36,311 million euro), despite the negative drop of 5.6% in the fourth quarter of 2007, which was due to the worseningof the negative phase that the managed assets department went through and the drop in market values. During 2007,the assets of the Private Banking department acquired from AAA Bank were added to the total. These consisted almostentirely of securities held in custody and administered securities.Indirect deposits(at market values)(€/thousand)31.12.2007 31.12.2006 % Changes- securities under management 1,074,248 1,522,723 -29.5%- mutual investment funds and SICAV's 6,690,271 7,667,885 -12.7%- technical insurance reserves 3,956,014 4,188,337 -5.5%Assets under management 11,720,533 13,378,945 -12.4%Administered savings 24,477,543 22,932,274 +6.7%Indirect deposits 36,198,076 36,311,219 -0.3%At the individual component level, administered savings (24,478 million euro) increased by 6.7%, thanks mainly to theplacement of structured products, the contribution of which was higher than in 2006 (1.4 billion euro compared to 1.2billion euro). Assets under management (11,721 million euro) dropped by 12.4%, most of which was concentrated in Q42007 (-12.2%); indeed, compared to the net deposits of mutual funds and managed assets which was negative by 1.3billion euro for the entire year, the net outflows in Q4 alone amounted to 1.7 billion euro. Conversely, inflows from lifeassurance policies were positive in the last quarter of the year by over 100 million euro, compared to a negative balanceof 320 million euro in the first nine months of 2007.During 2007, the placement of the Abn Amro Investment Funds S.A. SICAV continued and resulted in a net inflow ofapproximately 130 million euro, despite the net outflow in the fourth quartet (1.2 billion euro); at the end of the year, ittotalled 2,926 million euro, which is 5% lower than as at 31 December 2006, on account of the drop in current values.206