Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

The market capitalization of listed companies rose from €389bntwelve months previously to €436bn, with the free float increasing from€231bn to €246bn. The €29bn increase, net of rights issues and changes tothe composition of the stock market, is due to the changes is market prices.* * *The Italian consumer credit market continues to be affected by theweak economic conditions which caused it to contract sharply by 5.3% in2010, having fallen by 11.3% in 2009. The impact of the EuropeanConsumer Credit Directive, which has forced sector operators to adoptstricter lending criteria, has been significant.The segments which showed the largest reductions in the first sixmonths of 2011 were vehicle credit (down 13.8%), in part due to thereduction in new car manufactures, salary-backed finance (down 4.3%),and credit cards (down 1.2%); while specific-purpose loans remainedvirtually stable. Conversely, the personal loans segment increased by7.5%.2007 2008 2009 2010€m % €m % €m % €m %Vehicle credit .......... 21,538 36.0 18,642 30.7 15,501 28.0 13,671 26.1Personal loans ......... 19,588 32.7 21,718 35.8 19,431 35.1 19,232 36.7Specific-purpose loans 5,628 9.4 5,054 8.3 4,236 7.6 4,222 8.1Credit cards ........... 9,264 15.5 9,928 16.4 10,605 19.2 10,350 19.7Salary-backed finance . . 3,816 6.4 5,315 8.8 5,617 10.1 4,920 9.459,834 100.0 60,657 100.0 55,390 100.0 52,395 100.0Source: Assofin.– 17