GENERAL MEETING DRAFT - Bankier.pl

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Definition of Liquidity Risk
Liquidity Risk is defined as the risk that the Group may find itself unable to fulfil its expected or
unexpected payment obligations (by cash or delivery) without jeopardizing its day-to day operations
or its financial condition and may result from various internal or external factors.
The key principles of the UniCredit Group’s liquidity risk management model
The Group aims to be liquid at all times, namely to maintain liquidity at the level enabling to conduct
safe operations. The objective is to fund its operations at the best rate conditions under normal
operating circumstances, and to remain in a position to meet payment obligations in the event of a
liquidity crisis.
To this end, the Group complies accurately with the legal and regulatory provisions imposed by the
national Central Banks and by the national authorities of each country where it operates.
A liquidity crisis may be defined as an event which would prevent the Group from having the means
to fulfil its payment obligations. This would be detrimental to our relationship with our customers that
is based on their trust that the bank is able to repay its obligations timely.
Given the Group’s international presence, the management’s point of view is that local laws and
local regulation applicable to each Group company are to be observed, but they are not sufficient to
manage overall liquidity risk. For this reason, in addition to local legal and regulatory requirements
the Group, through the Holding and under the responsibility of its Group Risk Management, defines
policies and metrics to be applied at the Group-wide level, as to ensure that liquidity position of any
entity meets the requirements of the Group.
The key principle is that UniCredit Group manages the liquidity on a centralised oversight at the
Group level, with a decentralized execution through the Regional Liquidity Centres (Italy, Germany,
Austria & CEE, and Poland). Each Regional Liquidity Centre is responsible for compliance with both
their own limits and with those of the liquidity management of the Banks/Companies falling within its
own perimeter. Due to and in line with local regulatory requirements and business needs, each entity
manages its liquidity on the local level within the framework of UniCredit Group.
The centralised approach to liquidity risk management is aimed at:
� Reducing overall borrowing requirements from non-Group counterparties;
� Optimising access to liquidity markets by leveraging on the Group’s credit rating and
minimising funding costs.
More in detail, while the Regional Liquidity Centre is responsible to optimise the liquidity within the
perimeter of its responsibility through a first level netting activity, the Holding holds a second level
netting role of liquidity distribution centre and is in charge of overseeing the Group’s liquidity, by
complying both with the consolidated limits and with tactical and structural funding strategies. This
role at Group level is held by Group Finance, through the Group Treasury, which is in charge of this
process on the basis of the reports on net deficits/surpluses generated on a daily basis by the single
Regional Liquidity Centres.
2009 CONSOLIDATED REPORTS AND ACCOUNTS
442