ASSETS

Section 1 – Cash and cash equivalents – Item 10

1.1 Cash and cash equivalents: breakdown

  31.12.2014 31.12.2013
a) Cash 24 30
b) On demand deposits at Central banks - -
Total 24 30


Section 2 – Financial assets held for trading – Item 20

2.1 Financial assets held for trading: breakdown by type

Type/Amounts 31.12.2014 31.12.2013
   Level 1  Level 2  Level 3  Level 1  Level 2  Level 3
A. Cash assets            
1. Debt securties - - - - - -
  1.1 Structured - - - - - -
  1.2 Others  -  -  -  -  -  -
2. Equity instruments  -  -  -  -  -  -
3. O.E.I.C. units  -  -  -  -  -  -
4. Loans - - - - - -
  4.1 Repurchase agreements - - - - - -
  4.2 Others - - - - - -
Total A - - - - - -
B. Derivative instruments            
1. Financial derivatives - - - - - 10
  1.1 For trading  -  - -  -  - 10
  1.2 Connected to the fair value option  -  -  -  -  -  -
  1.3 Other  -  -  -  -  -  -
2. Credit derivatives - - - - - -
  2.1 For trading  -  -  -  -  -  -
  2.2 Connected to the fair value option  -  -  -  -  -  -
  2.3 Others  -  -  -  -  -  -
Total B - - - - - 10
Total (A+B) - - - - - 10

2.2 Financial assets held for trading: breakdown by debtor/issuer

Type/Amounts 31.12.2014 31.12.2013
A. Cash assets - -
1. Debt securities - -
  a) Governments and Central banks - -
  b) Other public entities - -
  c) Banks - -
  d) Other issuers - -
2. Equity instruments - -
  a) Banks - -
  b) Other issuers - -
    - insurance companies - -
    - financial institutions - -
    - non-financial companies - -
    - others - -
3. O.E.I.C. units - -
4. Loans - -
  a) Governments and Central banks - -
  b) Other public entities - -
  c) Banks - -
  d) Other issuers - -
Total A - -
B. Derivative instruments - 10
  a) Banks - -
    - fair value - 10
  b) Customers - -
    - fair value - -
Total B - 10
Total (A+B) - 10

Section 4 – Available for sale financial assets – item 40

4.1 Available for sale financial assets: breakdown by type

Type/Amounts 31.12.2014 31.12.2013
   Level 1  Level 2  Level 3  Level 1  Level 2  Level 3
1. Debt securities 229.355 - 513 2.515.344   466
  1.1 Structured - - 513 - - 466
  1.2 Others 229.355 - - 2.515.344 - -
2. Equity instruments - - 13.457 - - 13.369
  2.1 At fair value - - 10.413 - - 10.325
  2.2 At cost - - 3.044 - - 3.044
3. O.E.I.C. units - - - - - -
4. Loans - - - - - -
Total  229.355 - 13.970 2.515.344 - 13.835

Level 1 “other debt securities” primarily refer to Italian government bonds, either fixed-rate and very short-term bonds or floating-rate and medium-term ones.

These securities have been mainly used for short-/very short-term repurchase agreements with banks, on the MTS platform or on the Eurosystem.

Level 3 equity instruments refer to non-controlling interests considered strategic for the Bank, including a 3 million Euro interest that was measured at cost, as allowed by IAS 39.


4.2 Available for sale financial assets: breakdown by debtor/issuer

Type/Amounts 31.12.2014 31.12.2013
1. Debt securities 229.868 2.515.810
  a) Governments and Central banks 229.355 2.490.380
  b) Other public entities - -
  c) Banks 513 25.430
  d) Other issuers - -
2. Equity instruments 13.457 13.369
  a) Banks 9.798 10.316
  b) Other issuers 3.659 3.053
    - insurance companies - -
    - financial institutions 3.087 3.049
    - non-financial companies 572 4
    - others -  -
3. O.E.I.C. units -  -
4. Loans -  -
  a) Governments and Central banks -  -
  b) Other public entities -  -
  c) Banks -  -
  d) Other issuers -  -
Total 243.325 2.529.179

4.4 Available for sale financial assets: annual changes

  Debt securities Equity instruments O.E.I.C. units Loans Total31.12.2014
A. Opening balance 2.515.810 13.369 - - 2.529.179
B. Increases 25.761 606 - - 26.367
  B1. Purchases - - - - -
  B2. Fair value gains 46 - - - 46
  B3. Reversal on impairment losses - - - - -
    - through profit or loss - X - - -
    - equity-accounted - - - - -
  B4. Transfers from other portfolios - - - - -
  B5. Other changes 25.715 606 - - 26.321
C. Reductions 2.311.703 518 - - 2.312.221
  C1. Sales - 518 - - 518
  C2. Redemptions 2.275.000 - - - 2.275.000
  C3. Fair value losses 12.383 - - - 12.383
  C4. Impairment losses - - - - -
    - through profit or loss - - - - -
    - equity-accounted - - - - -
  C5. Transfers to other portfolios - - - - -
  C6. Other changes 24.320 - - - 24.320
D. Closing balance 229.868 13.457 - - 243.325

For debt securities, other increases refer to actual interests accrued during the period; other reductions refer to coupons earned.

For equity securities, other increases refer to the classification of equity instruments deriving from a restructured loan under AFSs. Sales refer to the disposal of shares in a credit institution; the relevant previously recorded valuation reserve was recognised in profit or loss with a 231 thousand Euro profit;

The fair value gains and losses refer to the valuation of securities recognised in equity.


Section 5 – Held to maturity financial assets – Item 50

5.1 Held to maturity financial assets: breakdown by type

Type/Amounts 31.12.2014 31.12.2013
  Book value Fair value Book value Fair value
    Level 1 Level 2 Level 3   Level 1 Level 2 Level 3
1. Debt securities 4.827.363 4.961.033 - - 5.818.019 5.910.638 - -
  1.1 Structured - - - - - - - -
  1.2 Others 4.827.363 4.961.033 - - 5.818.019 5.910.638 - -
2. Loans - - - - - - - -
Total 4.827.363 4.961.033 - - 5.818.019 5.910.638 - -

5.2 Held to maturity financial assets: breakdown by debtor/issuer

Type/Amounts 31.12.2014 31.12.2013
     
1. Debt securities 4.827.363 5.818.019
  a) Governments and Central banks 4.827.363 5.818.019
  b) Other public entities - -
  c) Banks - -
  d) Other issuers - -
2. Loans - -
  a) Governments and Central banks - -
  b) Other public entities - -
  c) Banks - -
  d) Other issuers - -
Total 4.827.363 5.818.019
Total fair value 4.961.033 5.910.638

The portfolio of held to maturity financial assets stood at 4.827,4 million Euro at the end of the period and consists of Italian government bonds with residual maturity at the time of purchase of over one year, in light of the ability and willingness to hold them until maturity.
At the reporting date, securities recognised in this item included unrecognised net capital gains amounting to 133,7 million Euro before taxes. Such net capital gains were not recognised according to the amortised cost method applicable to this portfolio.

5.4 Held to maturity assets: annual changes

  Debt securities Loans 31.12.2014
       
A. Opening balance 5.818.019 - 5.818.019
  B. Increases 351.820 - 351.820
  B1. Purchases 231.947 - 231.947
  B2. Write-backs - - -
  B3. Transfers from other portfolios - - -
  B4. Other changes 119.873 - 119.873
C. Reductions 1.342.476 - 1.342.476
  C1. Sales - - -
  C2. Redemptions 1.250.000 - 1.250.000
  C3. Write-downs - - -
  C4. Transfers to other portfolios - - -
C5. Other changes 92.476 - 92.476
  D. Closing balance  4.827.363 - 4.827.363

Other increases refer to actual interests, while other reductions refer to coupons earned.

Section 6 – Due from banks – Item 60

6.1 Due from banks: breakdown by type

Type/Amounts 31.12.2014 31.12.2013
  BV FV Level 1 FVLevel 2 FV Level 3 BV FV Level 1 FVLevel 2 FV Level 3
A. Due from Central banks 18.516     18.516 34.110     34.110
  1. Restricted deposits - X X X - X X X
  2. Legal reserve 18.516 X X X 33.973 X X X
  3. Repurchase agreements - X X X - X X X
  4. Others - X X X 137 X X X
B. Due from banks 256.342 - - 256.342 381.707 - - 381.707
1. Loans 245.317 - - 245.317 357.659 - - 357.659
  1.1 Current accounts and on demand deposits 106.552 X X X 265.625 X X X
  1.2 Restricted deposits 138.765 X X X 87.962 X X X
  1.3 Other loans: - X X X 4.072 X X X
    - Repurchase agreements - X X X 4.072 X X X
    - Finance leases - X X X - X X X
    - Others - X X X - X X X
2. Debt securities 11.025 - - 11.025 24.048 - - 24.048
  2.1 Structured - X X X - X X X
  2.2 Others 11.025 X X X 24.048 X X X
Total 274.858 - - 274.858 415.817 - - 415.817

Other debt securities refer to bonds issued by banks which, given their characteristics, are classified under due from banks.

Lending financial resources to other credit institutions is not part of the Group’s core business, and it is largely related to maintaining levels of liquidity exceeding period-end maturities.

The fair value of receivables due from banks is in line with the relevant book value, considering the fact that interbank deposits and debt securities are short- or very short-term indexed-rate instruments.

Section 7 – Loans to customers – Item 70

7.1 Loans to customers: breakdown by type

Type/Amounts 31.12.2014 31.12.2013
Book value Fair value Book value Fair value
  Performing Impaired L1 L2 L3 Performing Impaired L1 L2 L3
    Purchased Others         Purchased Others      
Loans 2.566.242 135.460 112.628  - -  2.920.547 2.005.880 128.444 162.609 - - 2.380.199
1. Current accounts 85.079 7.873 19.938 X X X 92.710 9.333 27.884 X X X
2. Repurchase agreements - - - X X X 52.698 - - X X X
3. Loans/mortgages - 2.896 287 X X X 1.861 3.171 353 X X X
4. Credit cards, personal loans and salary-backed loans - 42.374 - X X X - 40.859 - X X X
5. Finance leases - 218 - X X X - 373 - X X X
6. Factoring 2.181.631 - 79.640 X X X 1.655.845 - 124.255 X X X
7. Other loans 299.532 82.099 12.763 X X X 202.766 74.708 10.117 X X X
 Debt securities - - - - - - - - - - - -
8 Structured - - - X X X - - - X X X
9 Others - - - X X X - - - X X X
Total 2.566.242 135.460 112.628 - - 2.920.547 2.005.880 128.444 162.609 - - 2.380.199
   

Impaired purchased loans mainly refer to the distressed retail loans of the DRL sector, whose business is by nature closely associated with recovering impaired assets. Therefore, loans in the DRL sector are recognised under bad or substandard loans. In particular, those loans maintain the same classification as that assigned by the invoice seller, provided the latter is subject to the same law as Banca IFIS: otherwise, if the Bank has not ascertained the debtor's state of insolvency, those loans are classified as substandard.
Performing loans classified under “Other transactions” refer to tax receivables (119,4 million Euro) and the margin lending related to repurchase agreements on government bonds on the MTS platform (102,7 million Euro).

7.2 Loans to customers: breakdown by debtor/issuer

Type/Amounts31.12.201431.12.2013
  Performing  Impaired Performing  Impaired
    Purchased Others   Purchased Others
1. Debt securities: - - - - - -
a) Governments - - - - - -
b) Other public entities - - - - - -
c) Other issuers - - - - - -
  - non-financial companies - - - - - -
  - financial institutions - - - - - -
  - insurance companies - - - - - -
- others - - - - - -
2. Loans to: 2.566.242 135.460 112.628 2.005.880 128.444 162.609
a) Governments 82.851 - 684 57.045 - 574
b) Other public entities 652.731 - 11.253 491.919 - 18.382
c) Other issuers 1.830.660 135.460 100.691 1.456.916 128.444 143.653
  - non-financial companies 1.715.259 12.052 82.216 1.311.098 18.180 128.950
  - financial institutions 111.210 19 9.058 140.012 35 7.027
  - insurance companies 1 - - - - -
  - others 4.190 123.389 9.417 5.806 110.229 7.676
Total 2.566.242 135.460 112.628 2.005.880 128.444 162.609

Section 12 – Property, plant and equipment and investment property – Item 120

12.1 Property, plant and equipment for functional use: breakdown of assets measured at cost

Assets/amounts 31.12.2014 31.12.2013
1. Owned 45.876 35.808
  a) Land 6.738 6.738
  b) Buildings 36.523 26.715
  c) Furnishings 636 785
  d) Electronic systems 1.246 834
  e) Others 733 736
2. Acquired under finance leases 4.086 4.211
  a) Land - -
  b) Buildings 4.006 4.143
  c) Furnishings - -
  d) Electronic systems - -
  e) Others 80 68
Total 49.962 40.019

The buildings and land recognised under property, plant and equipment for functional use at the end of the year mainly include the important historical building Villa Marocco, located in Mestre (Venice) and housing Banca IFIS’s registered office, and the property in Mestre (Venice), where some of the Bank’s services were relocated.
The book value of the above property, totalling 32,2 million Euro overall, has been confirmed by experts specialising in the appraisal of luxury property.
The current head office of the NPL business area in Florence, which was acquired under a finance lease, was recognised at 4,0 million Euro.

12.2 Investment property: breakdown of assets measured at cost

Assets/amounts 31.12.2014 31.12.2013
  Book Value  Fair value Book Value  Fair value
  L1 L2 L3 L1 L2 L3
1. Owned 720 - - 926 720 - - 926
  a) Land -       -      
  b) Buildings 720     926 720 926 
2. Acquired under finance leases - - - - - - - -
  a) Land -       -      
  b) Buildings -       -      
Total 720 - - 926 720 - - 926

12.5 Property, plant and equipment for functional use: annual changes

  Land Buildings Furnishings Electronic systems Others Total31.12.2014
A. Gross opening balances 6.738 32.574 4.390 4.374 1.897 49.973
A.1 Total impairment losses - (1.716) (3.605) (3.540) (1.095) (9.956)
A.2 Net opening balance 6.738 30.858 785 834 802 40.017
B. Increases - 10.431 157 1.021 331 11.940
B.1 Purchases - 10.431 157 1.021 331 11.940
B.2 Capitalised improvement expenses - - - - - -
B.3 Reversals of impairment losses - - - - - -
B.4 Fair value gains taken to: - - - - - -
  a) Equity - - - - - -
  b) Income statement - - - - - -
B.5 Exchange gains - - - - - -
B.6 Transfers from investment property - - - - - -
B.7 Other increases - - - - - -
C. Reductions - (760) (306) (609) (320) (1.995)
C.1 Sales - (510) - - (89) (599)
C.2 Depreciation - (250) (306) (609) (231) (1.396)
C.3 Impairment losses taken to: - - - - - -
  a) Equity - - - - - -
  b) Income statement - - - - - -
C.4 Fair value losses taken to: - - - - - -
a) Equity - - - - - -
b) Income statement - - - - - -
C.5 Exchange losses - - - - - -
C.6 Transfers to - - - - - -
  a) Investment property - - - - - -
  b) Assets under disposal - - - - - -
C.7 Other reductions - - - - - -
D. Net closing balance 6.738 40.529 636 1.246 813 49.962
D.1 Total net impairment losses - 1.853 3.910 4.107 1.161 11.031
D.2 Gross closing balances 6.738 42.382 4.546 5.353 1.974 60.993
E. Measurement at cost 6.738 32.574 4.390 4.374 1.897 49.973

Property, plant and equipment for functional use are measured at cost and are depreciated on a straight-line basis over their useful life, with the exclusion of land with an indefinite useful life and the “Villa Marocco” property, whose residual value at the end of its useful life is expected to be higher than its book value.
As for buildings, purchases refer to a property in Florence that will house the new headquarters of the NPL business area.
Property, plant and equipment not yet brought into use at the reporting date are not depreciated.

12.6 Investment property: annual changes

  31.12.2014
 LandBuildings
A. Gross opening balance - 720
B.   Increases - -
B.1 Purchases - -
B.2 Capitalised improvement expenses - -
B.3 Fair value gains: - -
B.4 Reversals of impairment losses - -
B.5 Exchange gains - -
B.6 Transfers from property for functional use - -
B.7 Other increases - -
C. Reductions - -
C.1 Sales - -
C.2 Depreciation - -
C.3 Fair value losses - -
C.4 Impairment losses - -
C.5 Exchange losses - -
C.6 Transfers to other asset portfolios: - -
a) Assets for functional use - -
b) Non-current assets under disposal - -
C.7 Other reductions - -
D.  Closing balance - 720
E. Measurement at fair value - -

Buildings held for investment purposes are measured at cost and refer to leased property. This property is not amortised as it is destined for sale.

Section 13 – Intangible assets – Item 130

13.1 Intangible assets: breakdown by asset type

Assets/amounts 31.12.2014 31.12.2013
 Finite lifeIndefinite lifeFinite lifeIndefinite life
A.1 Goodwill: X 819 X 837
A.1.1 Attributable to owners of the parent company X 819 X 837
A.1.2 Non-controlling interests X - X -
A.2 Other intangible assets 5.737 - 5.524 -
A.2.1 Assets measured at cost: 5.737 - 5.524 -
  a) Internally generated intangible assets - - - -
  b) Other assets 5.737 - 5.524 -
A.2.2 Assets measured at fair value: - - - -
  a) Internally generated intangible assets - - - -
  b) Other assets - - - -
Total 5.737 819 5.524 837

Goodwill, amounting to 819 thousand Euro, arises from the line-by-line consolidation of the Polish subsidiary IFIS Finance Sp. Z o. o.
The above-mentioned goodwill was tested for impairment in accordance with IAS 36 (Impairment Test). To do so, goodwill was allocated to the cash-generating unit corresponding to the whole company IFIS Finance, as it represents an autonomous business segment that cannot be further broken down. The test was carried out by applying the value in use method based on the projection of expected cash flows for an explicit period of 5 years. Expected cash flows were discounted based on the company’s estimated cost of capital calculated using the Capital Asset Pricing Model. Expected cash flows were estimated based on the most recently approved business plan and financial projections based on the subsidiary’s average growth trends. The terminal value was calculated assuming that the last net cash flow in the explicit planning period is replicable. The impairment test did not reveal any impairment losses to be recognised in profit or loss.
Finally, goodwill underwent a sensitivity analysis based on the cost of capital, using a fluctuation range equal to 5%; the test carried out with the control method confirmed the reliability of the recognised value.
The change in the value of goodwill compared to the previous year is attributable to the impact of changes in year-end exchange rates.
Other intangible assets at 31 December 2014 refer exclusively to software purchase and development, amortised on a straight-line basis over the estimated useful life, which is 5 years from deployment.

13.2 Intangible assets: annual changes

   Goodwill

Other internally generated

intangible assets

Other intangible assetsTotal31.12.2014
    FiniteIndef.FiniteIndef.  
A. Opening balance 837 - - 5.524 - 6.361
A.1 Total impairment losses - - - - - -
A.2  Net opening balance 837 - - 5.524 - 6.361
B.  Increases - - - 2.056 - 2.056
B.1 Purchases - - - 2.056 - 2.056
B.2 Increases in internally generated intangible assets X - - - - -
B.3 Reversals of impairment losses X - - - - -
B.4 Fair value gains:            
  - Equity X - - - - -
  - Income statement X - - - - -
B.5 Exchange gains - - - - - -
B.6 Other increases - - - - - -
C.  Reductions (18) - - (1.843) - (1.861)
C.1 Sales - - - - - -
C.2 Impairment losses and amortisation: - - - (1.843) - (1.843)
  - Amortisation X - - (1.843) - (1.843)
  - Impairment losses - - - - - -
    + Equity X - - - - -
    + Income statement - - - - - -
C.3 Fair value losses   - - - - -
  - Equity X - - - - -
  - Income statement X - - - - -
C.4 Transfer to non-current assets under disposal - - - - - -
C.5 Exchange losses (18) - - - - (18)
C.6 Other reductions - - - - - -
D.  Net closing balance 819 - - 5.737 - 6.556
D.1 Total net amortisation, impairment losses and reversals of impairment losses - - - - - -
E. Gross closing balance 819 - - 5.737 - 6.556
F. Measurement at cost - - - - - -

Key

Def: definite useful life

Indef: indefinite useful life

Purchases refer exclusively to investments for the enhancement of IT systems.

Section 14 – Tax assets and liabilities – Item 140 of assets and 80 of liabilities

14.1 Deferred tax assets: breakdown

The main types of deferred tax assets are set out below.

Deferred tax assets31.12.201431.12.2013
Loans to customers 36.482 32.384
Others 1.860 1.598
Total 38.342 33.982

Deferred tax assets at 31 December 2014 refer for 36,5 million Euro to impairment losses on receivables that can be deducted in the next years.

14.2 Deferred tax liabilities: breakdown

The main types of deferred tax liabilities are shown below.

Deferred tax liabilities 31.12.2014 31.12.2013
Loans to customers 11.106 8.270
Available for sale securities 2.837 7.707
Property, plant and equipment and investment property 325 325
Others - 38
Total 14.268 16.340

Deferred tax liabilities, amounting to 14,3 million Euro at 31 December 2014, refer for 6,1 million Euro to the fair value measurement of the tax receivables of the former subsidiary Fast Finance S.p.A., which was carried out at the time of the business combination, and for 2,8 million Euro to taxes on the valuation reserve for AFS securities held in the portfolio.

14.3 Changes in deferred tax assets (recognised through profit or loss)

 31.12.201431.12.2013
1. Opening balance 33.955 24.581
2. Increases 8.780 12.573
2.1 Deferred tax assets recognised in the current year 8.713 12.573
  a) relative to previous years - 663
  b) due to the change in accounting standards - -
  c) reversals of impairment losses - -
  d) others 8.713 11.910
2.2 New taxes or increases in tax rates - -
2.3 Other increases 67 -
3. Decreases 4.393 3.199
3.1 Deferred tax assets reversed during the year 4.393 3.174
 a) reversals 4.393 3.174
  b) impairment losses due to unrecoverability - -
  c) due to change in accounting standard - -
  d) others - -
3.2 Reductions in tax rates - -
3.3 Other reductions - 25
  a) transformation into tax credits as per L. 214/2011 - -
  b) others - 25
 4.  Closing balance 38.342 33.955

The increase in deferred tax assets recognised through profit or loss compared to 31 December 2013 mainly refers to impairment losses on receivables that can be deducted in the next years.

14.4 Changes in deferred tax liabilities (recognised through profit or loss)

  31.12.2014 31.12.2013
1. Opening balance 8.633 10.838
2. Increases 3.454 760
2.1 Deferred tax liabilities recognised in the year 16 48
a) relative to previous years - -
b) due to the change in accounting standards - -
c) others 16 48
2.2 New taxes or increases in tax rates - -
2.3 Other increases 3.438 712
3. Decreases 655 2.965
3.1 Deferred tax liabilities reversed during the year 52 2.950
a) reversals 52 2.950
b) due to the change in accounting standards - -
c) others - -
3.2 Reductions in tax rates - -
3.3 Other reductions 603 15
 4. Closing balance 11.432 8.633
    

14.5 Changes in deferred tax assets (recognised through equity)

  31.12.2014 31.12.2013
1. Opening balance 27 55
2. Increases - -
2.1 Deferred tax assets recognised in the year - -
  a) relative to previous years - -
  b) due to the change in accounting standards - -
  c) others - -
2.2 New taxes or increases in tax rates - -
2.3 Other increases - -
3. Decreases 27 28
3.1 Deferred tax assets reversed during the year 27 27
  a) reversals 27 27
  b) impairment losses due to unrecoverability - -
  c) due to change in accounting standards - -
  d) others - -
3.2 Reductions in tax rates - -
3.3 Other reductions - 1
4. Closing balance - 27

14.6 Changes in deferred tax liabilities (recognised through equity)

  31.12.2014 31.12.2013
1. Opening balance 7.707 2.470
2. Increases - 5.237
2.1 Deferred tax liabilities recognised in the year - 5.237
  a) relative to previous years - -
  b) due to the change in accounting standards - -
  c) others - 5.237
2.2 New taxes or increases in tax rates - -
2.3 Other increases - -
3. Decreases 4.871 -
3.1 Deferred tax liabilities reversed during the year 4.871 -
  a) reversals 4.871 -
  b) due to the change in accounting standards - -
  c) others - -
3.2 Reductions in tax rates - -
3.3 Other reductions - -
4. Closing balance 2.836 7.707
 

The decline in deferred tax liabilities recognised through equity compared to 31 December 2013 mainly refers to the latent gain related to the fair value measurement of the portfolio of available for sale financial assets following its reduction.

Section 16 – Other assets – Item 160

16.1 Other assets: breakdown

31.12.2014 31.12.2013
Tax receivables 13.952 2.688
Prepayments and accrued income 8.982 13.984
Guarantee deposits 7.624 664
Receivables from securitisation transactions 553 154.288
Other items 20.731 21.163
Total 51.842 192.787
  

Tax receivables refer for 5,7 million Euro to payments on account for the virtual stamp duty and for 7,9 million Euro to payments on account for withholding taxes on interest paid to customers, specifically on the rendimax savings account.

Prepayments and accrued income refer for 3,1 million Euro to interest on arrears due from the Public Administration and for 1,4 million Euro to prepaid interests in favour of customers with a fixed-term rendimax account.

Security deposits at 31 December 2014 refer for 7,1 million Euro to an escrow account held with the Italian Revenue Agency concerning a pending appeal in an outstanding tax dispute (as described in section 12 under liabilities, Provisions for risks and charges). The Bank voluntarily set up said account to allow the Fast Finance Business Area to collect tax receivables as usual; the Bank can simply request for it to be returned.

Receivables for securitisations represent the deferred consideration for the sale of receivables not yet paid to the special purpose vehicle. The notable decrease from the previous year was due to the end of the securitisation with IFIS Collection Services, a special purpose vehicle, in February 2014. The receivable corresponded to the funds available to the vehicle arising from the collections of receivables that have been resold and not yet paid to the originator, on the basis of the technical characteristics of the transaction.

Other items include a 10,6 million Euro receivable due from the parent company La Scogliera S.p.A. deriving from the tax consolidation regime, as payments on account were higher than the tax bill. They also include 4,8 million Euro in receivables due from customers for expenses to be recovered.

 

Last updated on 2015-02-18