consolidated annual report - Gruppo Banca Sella

11.7 Assets and liabilites in foreign currencies
2004 2003
a) Assets
1. Due from banks 275.816 217.967
2. Due from customers 108.288 198.184
3. Securities 3.353 5.468
4. Equity investments 822 2.565
5. Other accounts (cash) 8.975 8.345
397.254 432.529
Other items 1.589 1.393
Total 398.843 433.922
b) Liabilities
1. Due to banks 146.796 129.194
2. Due to customers 320.601 304.421
3. Securities issued 261 284
467.658 433.899
Other items 485 1.193
Total 468.143 435.092
11.8 Loans securitization
QUALITATIVE INFORMATION
BANCA SELLA
Banca Sella, as servicer of the securitization operation, continued the activity of collection and management of the credits related to the operation of purchase of performing mortgage
loans granted by Banca Sella and purchased as provided for by Law 130/1999 of 29/12/2000; the operation was finalized on 26/04/2001 with the bonds issue by Secursel s.r.l., special
purpose vehicle company controlled by Finanziaria Bansel.
The amounts collected relevant to year 2004 are here below summarized (figures in euro units):
- Capital 15.660.056
- Interest 5.537.257
- Advanced redemptions (capital) 6.347.124
- Other collections 120.622
As at 31/12/2004 loans to be collected amounted to € 108.749.397, of which € 263.956 at maturity. Non-performing loans amounted to € 1.411.833, of which € 1.342.828 in the
line of capital. None of the positions originated depreciations.
A cash credit line of € 5.100.000 was granted by Banca Sella to the transferee company to face any lack of liquidity that might arise if the flows generated by the collection were not
adequate to guarantee remuneration to creditors. As at 31/12/2004 the liquidity credit line has not been used nor has it been used during the year.
BIELLA LEASING
During 2004, as provided for by the structure of the operation, Biella Leasing paid Secursel s.r.l. (special purpose vehicle company controlled by Finanziaria Bansel) the flows deriving
from the collection of leasing rents for a total amount of € 81.624.624. Collections for the period from 25/12/2004 to 31/12/2004, amounting to € 1.440.159 were credited to
Secursel on 1/1/2005. On 28/11/2003 the last transfer of credits (revolving) was made and the phase of progressive reimbursement of capital to the underwriters of notes has begun.
Reimbursements on senior notes, for a total of € 78.427.800, were made on 01/03/2004, 28/05/2004, 30/08/2004 and 29/11/2004.
The collections for the financial year may be summarized as follows (figures in euro units):
- Collection of leases (capital + interest) 75.532.459
- Advanced redemptions 6.092.165
- Residual capital debt as at 31/12/2004 117.037.959
In year 2004 € 4.191.671 of interest were paid to underwriters of senior and mezzanine bonds, while on 01/03/2004, 28/05/2004, 30/08/2004 and 29/11/2004 € 3.787.775 were
on the whole paid to Biella Leasing, as remuneration of the junior bond (excess spread). The actual payment of such remuneration has not taken place yet, as it is subject to the reimbursement
in full of the capital in relation to the issued notes. Biella Leasing S.p.A. received € 377.341 for its activity as “servicer”.
Consolidated annual report 2004 - 257