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

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Liabilities and net equityIAS-compliant 30/6/10 IAS-compliant 30/6/1110. Due to banks 9.730,7 8.971,2of which:other trading items 3.778,9 4.228,8other liabilities 0,4 13,220. Due to customers 14.889,1 14.525,7of which:other trading items 2.171,2 1.992,3other liabilities 10,3 10,230. Debt securities 36.665,5 35.270,740. Trading liabilities 6.108,4 7.516,650. Liabilities recognized at fair value — —60. Hedging derivatives 556,5 647,7of which:funding hedge derivatives 372,1 557,0lending hedge derivatives 78,9 58,970. Value adjustments to financial liabilities subject to general hedging — —80. Tax liabilities 633,2 565,9a) current 318,4 252,8b) deferred 314,8 313,190. Liabilities in respect of Group assets being sold — —100. Other liabilities 726,7 628,6of which:other trading items — 0,9Adjustments to L & R 102,9 45,0110. Staff severance indemnity provision 27,3 26,0120. Provisions 156,3 156,5a) post-employment and similar benefits — —b) other provisions 156,3 156,5130. Technical reserves 13,9 54,8140. Valuation reserves 55,3 6,7150. Shares with right of withdrawal — —160. Equity instruments — —170. Reserves 3.938,4 4.200,9180. Share premium reserve 2.119,9 2.120,1190. Share capital 430,6 430,6200. Treasury shares (213,8) (213,8)210. Net equity attributable to minorities 103,3 114,7220. Profit (loss) for the year 400,8 368,6Total liabilities and net equity 76.342,1 75.391,5€ m436 –
CONSOLIDATED PROFIT AND LOSS ACCOUNTS (IAS/IFRS-compliant)*Profit and loss account12 mths to 30/6/10 12 mths to 30/6/11€m10. Interest and similar income 2.820,2 2.787,520. Interest expense and similar charges (1.764,9) (1.655,9)30. Net interest income 1.055,3 1.131,640. Fee and commission income 499,1 485,650. Fee and commission expense (37,7) (48,6)60. Net fee and commission income 461,4 437,070. Dividends and similar income 68,4 116,080. Net trading income (59,7) (32,8)90. Net hedging income (expense) (15,7) 0,1100. Gain (loss) on disposal of: 222,6 64,1a) loans and receivables — 1b) AFS securities 198,9 22,2c) financial assets held to maturity — (3,3)d) other financial liabilities 23,7 44,6120. Total income 1.732,3 1.716,0130. Adjustments for impairment to: (666,9) (504,7)a) loans and receivables (461,3) (343,1)b) AFS securities (150,0) (145,1)c) financial assets held to maturity (1,0) (10,5)d) other financial liabilities (54,6) (6,0)140. Net income from financial operations 1.065,4 1.211,3150. Net premium income 1,0 9,5160. Income less expense from insurance operations (0,4) (4,7)170. Net income from financial and insurance operations 1.066,0 1.216,1180. Administrative expenses: (779,3) (833,2)a) personnel costs (379,6) (418,8)b) other administrative expenses (399,7) (414,4)190. Net transfers to provisions for liabilities and charges (1,5) (1,0)200. Net adjustments to property, plant and equipment (17,7) (17,4)210. Net adjustments to intangible assets (22,4) (24,5)of which: goodwill — —220. Other operating income (expenses) 124,7 130,8230. Operating costs (696,2) (745,3)240. Profit (loss) from equity-accounted companies 213,5 83,4270. Gain (loss) on disposal of investments — —280. Profit (loss) before tax on ordinary activities 583,3 554,2290. Income tax on ordinary activities for the year (181,2) (180,6)300. Profit (loss) after tax on ordinary activities 402,1 373,6310. Net gain (loss) on non-current assets being sold — —320. Profit (loss) for the year 402,1 373,6330. Profit (loss) for the year attributable to minorities (1,3) (5,0)340. Net profit (loss) for the year attributable to Mediobanca 400,8 368,6* Figures in €mThe profit and loss account reported on p. 19 reflects the following restatements:— Net interest income includes the result of funding and lending hedging activity (€3.1m and €1.5m), plus the margins on swaps reported under Heading 80(amounting to minus €135.6m and minus €60.4m respectively) net of interest expense on securities lending totalling €0.6m (in both periods) which isaccounted for as Net trading income;— amounts under Heading 220 have been restated as Net fee and commission income, save for amounts refunded/recovered totalling €47.9m and €52.3mrespectively which net operating costs; the amounts stated under Headings 150 and 160 have also been accounted for as Net fee and commissionincome;— in addition to the items already stated, Net trading income also includes dividends and gains (losses) on financial liabilities reported under Heading 100;— Provisions for financial assets include the AFS and HTM securities shown under Heading 130, along with the net adjustments in respect of the Telcoinvestment (€119.6m) reported under Heading 240.– 437
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DraftAnnual Accounts and Reportas a
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C O N T E N T SConsolidated Account
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Page no.* * *Extraordinary business
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CONSOLIDATED ACCOUNTS
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— Retail and private banking (RPB
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DEVELOPMENTS IN CAPITAL MARKETSIn t
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comparing total assets with tangibl
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The market capitalization of listed
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RESTATED BALANCE SHEET30/6/10 30/6/
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30 June 2010Corporate &InvestmentBa
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Impaired assets (i.e. non-performin
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upward adjustments to reflect amort
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An updated list of the properties o
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12 mths to 30/6/10 12 mths to 30/6/
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Corporate and Investment Banking30
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This division reported a net profit
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Equity investments and AFS shares
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Mediobanca International (Luxembour
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Principal investing12 mths to 30/6/
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Retail and private bankingb12 mths
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A breakdown of this division’s re
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New loans for the twelve months tot
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Private banking30 June 2010CMB Banc
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transmission, investment advice and
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OTHER INFORMATIONRelated party disc
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Reconciliation of shareholders’ e
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AUDITORS’ REPORT
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CONSOLIDATED FINANCIAL STATEMENTS
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Liabilities and net equity30/6/11 3
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CONSOLIDATED COMPREHENSIVE PROFIT A
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STATEMENT OF CHANGES TO NET EQUITY
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RECONCILIATION OF MOVEMENTS IN CASH
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Page no.Part C -Notes to consolidat
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Sectction 3Area and methods of cons
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Section 4Significant accounting pol
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Assets are tested for impairment at
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HedgesThere are two types of hedge:
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and its related value of use, and a
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Staff severance indemnity provision
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Dividends and commissionsThese are
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A.3.2Fair value rankingA.3.2.1 Asse
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A.3.2.3 Annual changes in financial
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Section 2Heading 20: Financial asse
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2.3 Financial assets held for tradi
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4.3 AFS securities: assets subject
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5.2 Assets held to maturity: by bor
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Section 7Heading 70: Due from custo
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Section 8Heading 80: Hedging deriva
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Section 10Heading 100: Equity inves
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The book value of the investment in
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Section 12Heading 120: Property, pl
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12.4 Tangible assets held for inves
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13.2 Intangible assets: movements d
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14.4 Changes in deferred tax during
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LiabilitiesSection 1Heading 10: Due
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Section 3Heading 30: Debt securitie
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Section 11Heading 110: Staff severa
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Section 13Heading 130: Technical re
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Section 16Heading 210: Net equity a
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PART C - NOTES TO CONSOLIDATEDPROFI
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Section 2Headings 40 and 50: Net fe
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Section 4Heading 80: Net trading in
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Section 6Heading 100: Gains (losses
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8.3 Adjustments for impairment to f
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Section 10Heading 160: Income less
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Section 11Heading 180: Administrati
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Section 12Heading 190: 1Net transfe
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Section 16Heading 240: Gains (losse
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20.2 Reconciliation between theoret
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PART D - CONSOLIDATED COMPREHENSIVE
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Corporate banking (Mediobanca)The G
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QUANTITATIVE INFORMATIONCREDIT QUAL
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A.1.2.a Exposures to sovereign debt
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A.1.5Cash exposures to banks: trend
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A.1.8Banking Group - cash exposures
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A.3 Secured exposures by type of se
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B. Loan distribution and concentrat
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B.3 Banking Group - cash and off-ba
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C. Securitizations and asset dispos
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Quantitative informationC.1.1Bankin
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C.1.4Banking Group - exposures to s
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C.1.7Banking Group - servicing: col
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Under the terms of the sale contrac
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C.2.2Banking Group - financial liab
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QUANTITATIVE INFORMATIONThis year h
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Table 2: Value at risk and expected
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QUANTITATIVE INFORMATION1. Regulato
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Currency of denomination: OTHERType
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1.2.2 INTEREST RATE RISK AND PRICE
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the Bank’s various bodies was app
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Currency of denomination: US DOLLAR
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2. Regulatory trading book: cash ex
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QUANTITATIVE INFORMATION1. Assets,
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A.2.A.2.1Banking book: average and
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A.3 OTC financial derivatives: posi
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A.5 OTC financial derivatives: trad
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A.7 OTC financial derivatives: bank
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A.9 OTC financial derivatives by ma
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B.2 OTC credit derivatives: gross p
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B.5 OTC credit derivatives: gross p
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1.3 BANKING GROUP: LIQUIDITY RISKQU
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Currency of denomination: US DOLLAR
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1.4 BANKING GROUP - OPERATING RISKQ
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PART F - INFORMATION ON CONSOLIDATE
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B.3 AFS valuation reserves: movemen
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2.2 Regulatory capital requirements
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B. Quantitative informainformationC
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credit as to €3.6m and credit car
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Situation at 30 June 2011Directors,
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Subsequent to the reporting date, o
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PART L - SEGMENT REPORTINGA. PRIMAR
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B. SECONDARY SEGMENT REPORTINGB.1 P
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ANNUALGENERALMEETING28 OCTOBER 2011
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Ordinary businessACCOUNTS OF THE BA
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Provisions for financial assets inc
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RESTATED BALANCE SHEET 30/6/10 30/6
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Loans and advances to Group compani
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Cash and bank balances include €1
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current prices). Further explanatio
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— Furniture and intangible assets
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Net fee and commission incomeThis h
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— the court of appeals in Milan h
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esearch project on medium-sized Eur
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Declaration in respect of individua
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STATUTORY AUDIT COMMITTEE’S REPOR
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vii)Finance Act, in the course of w
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Type of serviceRecontaErnst & Young
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The Statutory Audit Committee ascer
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AUDITORS’ REPORT
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INDIVIDUAL FINANCIAL STATEMENTS *(*
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Liabilities and net equity30/6/11 3
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COMPREHENSIVE PROFIT AND LOSS ACCOU
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STATEMENT OF CHANGES TO MEDIOBANCA
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RECONCILIATION OF MOVEMENTS IN CASH
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Page no.Part C - Notes to profit an
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Section 3Significant accounting pol
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Assets are tested for impairment at
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- cash flow hedges, which are inten
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Goodwill may be recognized where th
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All actuarial profits and/or losses
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Related parties (IAS 24)In accordan
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A.3.2A.3.2.1Fair value rankingAsset
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A.3.2.3 Annual changes in financial
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Section 2Heading 20: Financial asse
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2.3 Financial assets held for tradi
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4.4 AFS securities: movements durin
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Section 6Heading 60 - Due from bank
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7.2 Due from customers: by borrower
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Section 10Heading 100: Equity inves
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Significant data 1Total assetsTotal
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Section 11Heading 110: Property pla
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11.4 Tangible assets held for inves
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12.2 Core intangible assets: moveme
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Section 15Heading 150: Other assets
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Section 3Heading 30: Debt securitie
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Section 11Heading 110: Staff severa
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14.2 Share capital: changes in no.
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Other information1. Guarantees and
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PART C - NOTES TO PROFIT AND LOSS A
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Section 2Headings 40 and 50: Net fe
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Section 3Heading 70: Dividends and
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Section 5Heading 90: Net hedging in
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Section 8Heading 130: Adjustments f
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Section 9Heading 150: Administrativ
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Section 11Heading 170: Net adjustme
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Section 17Heading 240: Net gain (lo
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PART D - COMPREHENSIVE PROFIT AND L
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1. General aspectsThe Bank’s inte
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A.1.2 Financial assets by portfolio
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A.1.2. b Exposures to sovereign deb
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A.1.6 Cash and off-balance-sheet ex
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A.3 Secured exposures by type of se
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B. Loan distribution and concentrat
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B.3 Cash and off-balance-sheet expo
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C. Securitizations and asset dispos
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Quantitative informationC.1.1Exposu
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C.1.4 Exposures to securitizations
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C.2 Asset disposalsC.2.1 Financial
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Section 2Market risk2.1 INTEREST RA
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Page 374 and 375: Currency of denomination: US DOLLAR
Page 376 and 377: 2.1 Regulatory trading book: cash e
Page 378 and 379: HedgingFair value hedgesFair value
Page 382 and 383: 2. Banking book: cash exposures of
Page 384 and 385: 2.4 FINANCIAL DERIVATIVE PRODUCTSA.
Page 386 and 387: A.2.2Other derivativesType of trans
Page 388 and 389: A.4 Financial derivatives: negative
Page 390 and 391: A.6 OTC financial derivatives: trad
Page 392 and 393: A.8 OTC financial derivatives: bank
Page 394 and 395: B. CREDIT DERIVATIVESB.1 Credit der
Page 396 and 397: B.4 OTC credit derivatives: gross p
Page 398 and 399: C. CREDIT AND FINANCIAL DERIVATIVES
Page 400 and 401: indicator generated for the Bank of
Page 404 and 405: Section 4Operating riskDefinitionOp
Page 406 and 407: B.2 AFS valuation reserves: composi
Page 408 and 409: A. QUALITATIVE INFORMATIONTier 1 ca
Page 410 and 411: PART H - RELATED PARTY DISCLOSURE1.
Page 412 and 413: BENEFICIAL INTEREST OF BOARD MEMBER
Page 414 and 415: Situation at 30 June 2011Groupcompa
Page 416 and 417: Subsequent to the reporting date, o
Page 418 and 419: ANNEXES
Page 422 and 423: MEDIOBANCA S.p.A. BALANCE SHEET *As
Page 424 and 425: MEDIOBANCA S.p.A. PROFIT AND LOSS A
Page 426 and 427: BANKS AND FINANCIAL COMPANIES (IAS/
Page 434 and 435: BANKSTABLE B (cont.)BALANCE SHEETSC
Page 436 and 437: OTHER GROUP COMPANIESTABLE B (cont.
Page 438 and 439: OTHER FINANCIAL COMPANIES (IAS/IFRS
Page 440 and 441: OTHER FINANCIAL COMPANIES (IAS/IFRS
Page 442 and 443: OTHER NON-FINANCIAL UNDERTAKINGS (I
Page 444 and 445: OTHER NON-FINANCIAL UNDERTAKINGS (I
Page 446 and 447: OTHERS (IAS/IFRS)TABLE B (cont.)462
Page 448 and 449: ASSOCIATE COMPANIESTABLE CBALANCE S
Page 450 and 451: ASSOCIATE COMPANIES TABLE C (cont.
Page 452 and 453: OTHER ASSOCIATED UNDERTAKINGSTABLE
Page 462 and 463: TABLE DSIGNIFICANT EQUITY INVESTMEN
Page 464 and 465: TABLE D (cont.)Sharecapital€mPar
Page 466 and 467: APPOINTMENT OF MEMBERS OF BOARD OF
Page 468 and 469: APPOINTMENT OF MEMBERS AND CHAIRMAN
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REPORT ON STAFF REMUNERATION POLICI
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. Criteria for calculation of bonus
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Restrictions have also been introdu
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ANNEXThe tables below shows the str
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II. Organizational governanceThe pr
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The typical components of remunerat
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- appraisal of the Mediobanca share
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the Bank, valuation criteria linked
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At a Board meeting held on 24 June
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l. Other informationCaps on variabl
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- in the area of related parties, t
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compliance with the terms and proce
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SECTION IIIGeneral MeetingsArticle
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general meeting or otherwise requir
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specified in the notice of general
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eing replaced had been elected from
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3) decisions concerning the acquisi
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transaction concerned, either thems
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Article 17, paragraph 2, points 3 a
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for its operations and the size of
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specifically designated by the Boar
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The proposals for appointments are
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Article 29The Statutory Audit Commi
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AUTHORIZATION TO THE BOARD OF DIREC
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The share capital may also be incre
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The Board of Directors is also auth
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ANNUAL STATEMENT SON CORPORATE GOVE
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At a general meeting held on 28 Oct
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Persons authorized to take part and
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All the Directors have made stateme
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DIRECTORSIRECTORS’ AND STRATEGIC
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With reference to risk management,
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Appointments committeeAppointments
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The Executive Committee is currentl
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HEAD OF COMPANY FINANCIAL REPORTING
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- expresses its opinion on the appo
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INTERNAL DEALINGThe Directors of Me
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In performing his duties, the head
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RISK MANAGEMENT AND INTERNAL ICONTR
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Table 1: BOARD OFMember ****OARD OF
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Table 3:3: OTHER REQUIREMENTS UNDER
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NamePosition held inMediobancaPosts
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NamePosition held inMediobancaPosts
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Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

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