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

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Page no.Part C -Notes to consolidated profit and loss account 130Section 1 - Headings 10 and 20: Net interest income 130Section 2 - Headings 40 and 50: Net fee and commission income 132Section 3 - Heading 70: Dividends and similar income 133Section 4 - Heading 80: Net trading income 134Section 5 - Heading 90: Net hedging income 135Section 6 - Heading 100: Net gains (losses) on disposals/repurchases 136Section 8 - Heading 130: Adjustments for impairment 137Section 9 - Heading 150: Net premium income 139Section 10 - Heading 160: Income less expense from insurance operations 140Section 11 - Heading 180: Administrative expenses 142Section 12 - Heading 190: Net transfers to provisions 144Section 13 - Heading 200: Net adjustments to tangible assets 144Section 14 - Heading 210: Net adjustments to intangible assets 145Section 15 - Heading 220: Other operating income (expense) 145Section 16 - Heading 240: Gains (losses) on equity investments 146Section 19 - Heading 270: Net gain (loss) on disposal of investments 147Section 20 - Heading 290: Income tax on ordinary activities 147Section 22 - Heading 330: Minority interest 149Section 24 - Earnings per share 149Part D -Consolidated comprehensive profit and loss account 150Part E -Information on risks and related hedging policies 151Section 1 - Banking Group risks 151Part F -Information on consolidated capital 218Section 1 - Consolidated capital 218Section 2 - Capital and supervisory requirements 221Part G -Combinations involving Group companies or businessunits 22525Section 1 - Transactions completed during the year 225Part H -Part I -Part L -Related party disclosure22727Share-based payment schemes 22929Segment reporting 23272 –
PART A - ACCOUNTING POLICIESSectction 1Statement of conformity with IAS/IFRSThe Mediobanca Group’s consolidated financial statements for the periodended 30 June 2011 have, as required by Italian Legislative Decree 38/05, beendrawn up in accordance with the International Financial Reporting Standards(IFRS) and International Accounting Standards (IAS) issued by the InternationalAccounting Standards Board (IASB), which were adopted by the EuropeanCommission in accordance with the procedure laid down in Article 6 of regulationCE 1606/02 issued by the European Council and Commission on 19 July 2002.Adoption of the new accounting standards with respect to financial reporting bybanks is governed by Bank of Italy circular no. 262 issued on 22 December 2005(as amended on 18 November 2009).Section 2General principlesThese consolidated financial statements comprise:– balance sheet;– profit and loss account;– comprehensive profit and loss account;– statement of changes to net equity;– cash flow statement (direct method);– notes to the accounts.All the statements have been drawn up in conformity with the generalprinciples provided for under IAS and the accounting policies illustrated insection 4, and show data for the period under review compared with that for theprevious financial year in the case of balance-sheet figures or the correspondingperiod of the previous financial year for profit-and-loss data.– 73
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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
Page 17 and 18: The market capitalization of listed
Page 20 and 21: RESTATED BALANCE SHEET30/6/10 30/6/
Page 22 and 23: 30 June 2010Corporate &InvestmentBa
Page 24 and 25: Impaired assets (i.e. non-performin
Page 26 and 27: upward adjustments to reflect amort
Page 28 and 29: An updated list of the properties o
Page 30 and 31: 12 mths to 30/6/10 12 mths to 30/6/
Page 32 and 33: Corporate and Investment Banking30
Page 34 and 35: This division reported a net profit
Page 36 and 37: Equity investments and AFS shares
Page 38 and 39: Mediobanca International (Luxembour
Page 40 and 41: Principal investing12 mths to 30/6/
Page 42 and 43: Retail and private bankingb12 mths
Page 44 and 45: A breakdown of this division’s re
Page 46 and 47: New loans for the twelve months tot
Page 48 and 49: Private banking30 June 2010CMB Banc
Page 50 and 51: transmission, investment advice and
Page 52 and 53: OTHER INFORMATIONRelated party disc
Page 54 and 55: Reconciliation of shareholders’ e
Page 56 and 57: AUDITORS’ REPORT
Page 58 and 59: CONSOLIDATED FINANCIAL STATEMENTS
Page 60 and 61: Liabilities and net equity30/6/11 3
Page 62 and 63: CONSOLIDATED COMPREHENSIVE PROFIT A
Page 64 and 65: STATEMENT OF CHANGES TO NET EQUITY
Page 66 and 67: RECONCILIATION OF MOVEMENTS IN CASH
Page 70 and 71: Sectction 3Area and methods of cons
Page 72 and 73: Section 4Significant accounting pol
Page 74 and 75: Assets are tested for impairment at
Page 76 and 77: HedgesThere are two types of hedge:
Page 78 and 79: and its related value of use, and a
Page 80 and 81: Staff severance indemnity provision
Page 82 and 83: Dividends and commissionsThese are
Page 84 and 85: A.3.2Fair value rankingA.3.2.1 Asse
Page 86 and 87: A.3.2.3 Annual changes in financial
Page 88 and 89: Section 2Heading 20: Financial asse
Page 90 and 91: 2.3 Financial assets held for tradi
Page 92 and 93: 4.3 AFS securities: assets subject
Page 94 and 95: 5.2 Assets held to maturity: by bor
Page 96 and 97: Section 7Heading 70: Due from custo
Page 98 and 99: Section 8Heading 80: Hedging deriva
Page 100 and 101: Section 10Heading 100: Equity inves
Page 102 and 103: The book value of the investment in
Page 104 and 105: Section 12Heading 120: Property, pl
Page 106 and 107: 12.4 Tangible assets held for inves
Page 108 and 109: 13.2 Intangible assets: movements d
Page 110 and 111: 14.4 Changes in deferred tax during
Page 112 and 113: 14.6 Changes in deferred tax during
Page 114 and 115: LiabilitiesSection 1Heading 10: Due
Page 116 and 117: Section 3Heading 30: Debt securitie
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Section 6Heading 60: Hedging deriva
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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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1.3 BANKING GROUP: LIQUIDITY RISKQU
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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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13.4 Changes in deferred tax during
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Section 15Heading 150: Other assets
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Section 3Heading 30: Debt securitie
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Section 6Heading 60: Hedging deriva
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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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Table 1 - Value at risk and expecte
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Trend in VaR constituents The
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2.1 Regulatory trading book: cash e
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HedgingFair value hedgesFair value
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2. Banking book: cash exposures of
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2.4 FINANCIAL DERIVATIVE PRODUCTSA.
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A.2.2Other derivativesType of trans
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A.4 Financial derivatives: negative
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A.6 OTC financial derivatives: trad
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A.8 OTC financial derivatives: bank
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B. CREDIT DERIVATIVESB.1 Credit der
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C. CREDIT AND FINANCIAL DERIVATIVES
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indicator generated for the Bank of
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Section 4Operating riskDefinitionOp
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B.2 AFS valuation reserves: composi
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A. QUALITATIVE INFORMATIONTier 1 ca
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PART H - RELATED PARTY DISCLOSURE1.
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BENEFICIAL INTEREST OF BOARD MEMBER
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Situation at 30 June 2011Groupcompa
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Subsequent to the reporting date, o
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ANNEXES
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Liabilities and net equityIAS-compl
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MEDIOBANCA S.p.A. BALANCE SHEET *As
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MEDIOBANCA S.p.A. PROFIT AND LOSS A
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BANKS AND FINANCIAL COMPANIES (IAS/
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BANKSTABLE B (cont.)BALANCE SHEETSC
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OTHER GROUP COMPANIESTABLE B (cont.
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OTHER FINANCIAL COMPANIES (IAS/IFRS
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OTHER FINANCIAL COMPANIES (IAS/IFRS
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OTHER NON-FINANCIAL UNDERTAKINGS (I
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OTHER NON-FINANCIAL UNDERTAKINGS (I
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OTHERS (IAS/IFRS)TABLE B (cont.)462
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ASSOCIATE COMPANIESTABLE CBALANCE S
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ASSOCIATE COMPANIES TABLE C (cont.
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OTHER ASSOCIATED UNDERTAKINGSTABLE
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TABLE DSIGNIFICANT EQUITY INVESTMEN
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TABLE D (cont.)Sharecapital€mPar
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APPOINTMENT OF MEMBERS OF BOARD OF
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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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