consolidated annual report - Gruppo Banca Sella

2.1 Investment securities
232 - GRUPPO BANCA SELLA
SECTION 2
SECURITIES
Book value Market value
1. Debt Securities 89.006 93.903
1.1 Government securities 79.089 83.986
- quoted 79.089 83.986
- unquoted - -
1.2 Other securities 9.917 9.917
- quoted - -
- unquoted 9.917 9.917
2. Equities 417 305
- quoted 417 305
- unquoted - -
Total 89.423 94.208
Capital gains as at 31/12/2004 on the whole amounted to € 4,8 million.
2.2 Changes in investment securities during the year
A. Opening balance 94.263
B. Increases 5.393
B.1 Purchases 5.205
B.2 Write-ups and revaluations -
B.3 Transfers from dealing securities portfolio -
B.4 Other changes 188
C. Decreases 10.233
C.1 Sales -
C.2 Redemptions 10.203
C.3 Write-downs -
C.4 Transfers to dealing securities portfolio -
C.5 Other changes 30
D. Closing balance 89.423
The controlled companies, following the resolutions of their relevant Boards of Directors, have identified the technical characteristics of investment securities consequently
fixing their size.
The book value of the Group’s investment securities portfolio amounts to € 89,4 million, of which € 79,1 million of Italian Government Bonds, showing a decrease if compared
to € 94,3 million as at end of the previuos financial year.
A Long-term Treasury Bill of October 2004 represents almost the whole of item C “Decreases” (€ 10,2 million), belonging to Banca di Palermo and reimbursed at maturity.
The comparison between book value and market value, calculated on the basis of the arithmetic mean of prices observed in the second half of 2004, highlights capital gains
for € 4,8 million.