GENERAL MEETING DRAFT - Bankier.pl

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C.1 Securitisation transactions
Qualitative Information
349
>> Consolidated Financial Statements
Part E – Information on risks and related risk management policies
The Group's main objectives in its securitization transactions (whether traditional or synthetic) are the
optimization of the loan portfolio by freeing up regulatory and economic capital and obtaining fresh
liquidity together with greater diversification of its sources of funding.
The difficulties in the markets experienced in the last two years made it advisable to use securitization
as a means of increasing counterbalancing capacity, i.e. the availability of assets that can readily be
used to create liquidity, by retaining the securities issued by the vehicle within the Group.
Analysis and realization of securitization transactions are carried out within the Parent in close
cooperation with the Group entities involved and the Markets & Investment Banking Division. This
process requires an economic feasibility study to assess the impact of transactions (according to their
nature and aims), on regulatory and economic capital, on risk-adjusted profitability measures and on the
level of Group’s liquidity. If this initial phase produces a positive result, a technical and operational
feasibility study is carried out to identify the assets to be securitized and design the structure of the
transaction. Once technical feasibility has been established, the transaction is realized.
In 2009 the Group carried out three traditional transactions:
Fineco Leasing S.p.A. - F-E RED
UniCredit Family Financing Bank S.p.A - Cordusio RMBS UCFin – Serie 2009
UniCredit Bank AG - Geldilux – TS - 2009
Securities issued by SPVs for the above transactions were fully underwritten by the Group (selfsecuritizations).
Securities relating to the Geldilux – TS – 2009 transaction were repaid on November 9,
2009 and the transaction was closed, considering the good counterbalancing capacity achieved by the
Group.
Details of the other two transactions are given in the following charts, which also describe transactions
carried out in previous accounting periods.
Additionally, on January 25, 2010 UniCredit S.p.A. launched an international invitation for offers to sell
several Group asset backed securities, with limitations inter alia for Italian investors. The invitation
deadline was February 5, 2010 and on February 12, 2010 1,352m securities were purchased. These
purchases are not included in the following quantitative tables, since they were completed in 2010.