Investments in securities

Securities trading led to the creation of a very significant portfolio by the end of 2013. In 2014, in light of the trend in the rates of return, the Bank did not make further purchases; it focused instead on managing the cash flows generated as the portfolio reached maturity, as well as on optimising their refinancing. As usual, Banca IFIS did not trade in financial instruments.

The portfolio consists of Italian securities, virtually all government bonds (99,7%), of which most are at an indexed rate (70,1%); the average return is remarkably positive relative to refinancing costs. At the end of the year, the portfolio amounted to 5,1 billion Euro, including 2,2 billion Euro (44,1%) with maturity in 2015, 0,8 billion Euro (14,8%) in 2016, and the remainder (41,1%) between 2017 and 2018. Most of the securities (4,8 billion Euro, i.e. 95,3%) are classified as Held to Maturity.

 

Last updated on 2015-01-19