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Financial Assets Held for Trading
235
>> Consolidated Financial Statements
Part B – Consolidated Balance Sheet - Assets
(� million)
Amounts as at
Change
12.31.2009 12.31.2008 Amount %
Financial Assets Held for Trading 133,894 204,890 (70,996) -34.7%
Financial Liabilities Held for Trading (114,045) (165,335) 51,290 -31.0%
Change 19,849 39,555 (19,706) -49.8%
The �70,996m decrease in item 20 can be broken down as follows (as shown in table 2.2 Financial
assets held for trading: breakdown by issuer/borrower or in table 2.3 Annual changes of financial assets
(non derivatives):
� Financial assets (non-derivatives) down by �25,544m, from �84,352m in 2008 to �58,808 in 2009;
� Derivative instruments down by �45,451m, from �120,537m in 2008 to �75,086 in 2009.
In respect of financial assets (non-derivatives) the �25,544m decrease is attributable to:
� A �22,939m reduction in Debt Securities, also attributable to the reclassification of financial
assets;
� A �4,448m decrease in loans (of which �4,930m million concerning banks)
Offset by:
� Units in investment funds by �16m;
� Equity instruments by �1,827m.
The derivatives item decrease by �45,451m was mainly due to the fluctuations in market prices (e.g.
interest rates, exchange rates, share prices, etc.) especially in Q2 2009.
In details, the changes were attributable to:
� Banks for �38,464 million;
� Customers for �6,987 million.
2.1 Financial assets held for trading: product breakdown (� '000)
Amounts as at Amounts as at
12.31.2009 12.31.2008
Item/Values
A) Financial assets
(non-derivatives)
Level1 Level2 Level 3 Level 1 Level 2 Level 3
1. Debt securities 27,690,423 11,615,324 870,533 53,955,711 8,722,490 436,773
1.1 Structured securities 124,338 685,853 51 928,681 270,650 34
1.2 Other debt securities 27,566,085 10,929,471 870,482 53,027,030 8,451,840 436,739
2. Equity instruments 6,498,170 128,047 28,732 4,552,509 262,336 13,554
3. Units in investment funds 2,291,463 88,204 197,467 1,665,607 857,666 38,291
4. Loans 523 9,397,425 1,478 6,720 13,839,234 1,357
4.1 Reverse Repos - 9,324,465 - - 12,359,896 -
4.2 Other 523 72,960 1,478 6,720 1,479,338 1,357
Total (A)
B) Derivative instruments
36,480,579 21,229,000 1,098,210 60,180,547 23,681,726 489,975
1. Financial derivatives 3,898,930 65,535,644 1,122,336 7,041,746 92,372,159 1,947,520
1.1 trading 3,895,869 65,286,122 1,105,661 6,995,913 92,344,529 1,934,655
1.2 related to fair value option - 230,331 4,228 64 601 -
1.3 other 3,061 19,191 12,447 45,769 27,029 12,865
2. Credit derivatives 305,758 3,272,621 951,023 - 15,019,769 4,156,446
2.1 trading 305,758 3,259,994 949,151 - 14,978,505 4,156,411
2.2 related to fair value option - 12,623 - - 16,520 -
2.3 other - 4 1,872 - 24,744 35
Total (B) 4,204,688 68,808,265 2,073,359 7,041,746 107,391,928 6,103,966
Total (A+B) 40,685,267 90,037,265 3,171,569 67,222,293 131,073,654 6,593,941
Total Level 1, Level 2 and Level 3 133,894,101 204,889,888
Valuations at fair value were classified according to a hierarchy of levels reflecting the significance of the valuations input. For further information see Part
A) Accounting Policies – A3) Information on fair value.