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>> Consolidated Financial Statements
Part B – Consolidated Balance Sheet – Liabilities
“Debt securities” were�214,773m at end 2009. The �12,314m increase over 2008 was entirely
attributable to other securities.
In average terms 7 , this item was down by 12%, from �230,993m in 2008 to �204,396m in 2009.
The average cost of these deposits fell by 1.09%, from 4.85% in 2008 to 3.76% in 2009.
3.1 Debt securities in issue: product breakdown (� '000)
Amounts as at 12.31.2009
Amounts as at 12.31.2008
Type of securities/
Values
Balance
Sheet
Fair Value Balance
Sheet
Fair Value
Value Level1 Level2 Level3 Value Level1 Level2 Level3
A. Listed securities
1. Bonds 161,669,590 56,198,308 96,278,273 3,060,676 158,934,767 84,186,762 70,164,613 2,766,270
1.1 structured 11,986,643 228,284 11,909,932 142,327 11,988,680 3,661,901 8,131,681 189,293
1.2 other 149,682,947 55,970,024 84,368,341 2,918,349 146,946,087 80,524,861 62,032,932 2,576,977
2. Other securities 53,103,287 10,567,343 16,493,328 33,914,799 43,524,033 8,980,217 6,571,995 28,741,213
2.1 structured 973,448 27,399 936,993 11,764 1,585,963 23,396 1,114,583 438,904
2.2 other 52,129,839 10,539,944 15,556,335 33,903,035 41,938,070 8,956,821 5,457,412 28,302,309
Total 214,772,877 66,765,651 112,771,601 36,975,475 202,458,800 93,166,979 76,736,608 31,507,483
Total Level 1, Level 2 and Level 3 216,512,727 201,411,070
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.
The sum of the sub-items 1.1 “Structured bonds” and 2.1 “Other structured securities” was equal to �12,960m and accounted for 6% of total debt
securities. They mainly refer to equity-linked instruments (approximately 68%) and, to a lesser extent, to interest-rate linked instruments (approximately
30%). UniCredit S.p.A. is nearly the sole contributor to such instruments.
The fair value of derivatives embedded in structured securities, presented in Line 20 of Assets and Line 40 of Liabilities and included in Trading derivatives
– Others, amounted to a net balance of �662 million negative.
3.2 Breakdown of item 30 "Debt securities in issue": subordinated securities (� '000)
Amountsasat
12.31.2009 12.31.2008
Debt securities in issue: subordinated securities 27,145,805 31,134,069
3.3 Breakdown of item 30 "Debt securities in issue": securities subject to micro-hedging (� '000)
Type of transactions/Values
Amounts as at
12.31.2009 12.31.2008
1. Securities subject to micro-hedging of fair value 1,360,783 14,836,230
a) Interest rate risk 1,360,783 14,836,230
b) Currency risk - -
c) Multiple risks - -
2. Securities subject to micro-hedging of cash flows 4,756,433 6,133,879
a) Interest rate risk 4,756,433 6,133,879
b) Currency risk - -
c) Other - -
Total 6,117,216 20,970,109
7 The average balances and related ratios (yield/costs) were calculated by considering the assets/liabilities balances at the end of each quarter in
2009 and at end 2008.