Section 1 – Interest - Items 10 and 20

1.1 Interest receivable and similar income: breakdown

 CompositionDebt securitiesLoansOther assets31.12.201431.12.2013
1 Financial assets held for trading - - - - -
2 Financial assets at fair value - - - - -
3 Available for sale financial assets 28.090 - - 28.090 49.756
4 Financial assets held to maturity 119.873 - - 119.873 149.340
5 Due from banks 50 1.488 2.544 4.082 6.890
6 Loans to customers - 93.451 66.223 159.674 139.760
7 Hedging derivatives X X - - -
8 Other assets X X 8 8 1
  Total 148.013 94.939 68.775 311.727 345.747

The slight decrease from 2013 was due to the lower interest income from debt securities in the portfolio as a result of their reduction.

Available for sale financial assets include 2,4 million Euro in both actual interest accrued on debt securities classified in this category and the recognition through profit or loss of the valuation reserve relating to the securities transferred to the portfolio of held to maturity financial assets. Said reserve, calculated at the time of the transfer, is recognised through profit or loss under the amortised cost method until the securities reach maturity.

The sub-item Loans to customers, Other assets, includes 22,2 million Euro in interest on arrears due from the Public Administration recognised by the Pharma business area. Starting from 2014, interest on arrears includes a portion (one million Euro in the period) of the interest accruing from the estimated collection date on receivables from the Health Service: the Bank, based on historical data and available information, estimates that at least 20% can be recovered.

Please note that at 31 December 2014, interests on arrears accrued on amounts due from the Public Administration, calculated from the invoice's original maturity, relate to receivables already settled (49,1 million Euro) and outstanding receivables (39,0 million Euro).

1.3 Interest receivable and similar income: other information

1.3.1 Interest income on foreign currency financial assets

 31.12.201431.12.2013
Interest income on financial assets in currency 1.305 1.147

1.4 Interest due and similar expenses: breakdown

 CompositionDebtLoansOther assets31.12.201431.12.2013
1 Due to Central banks - X (3.277) (3.277) (3.627)
2 Due to banks (156) X - (156) (198)
3 Due to customers (84.816) X (4.781) (89.597) (134.810)
4 Outstanding securities X - - - -
5 Financial liabilities held for trading - - - - -
6 Financial liabilities at fair value - - - - -
7 Other liabilities and provisions X X (168) (168) (137)
8 Hedging derivatives X X (65) (65) (231)
  Total (84.972) - (8.291) (93.263) (139.003)

Interest expense on payables due to central banks and customers concerning “other assets” refers to repurchase agreements on the MTS platform or through Eurosystem Auctions entered into during the year.

At 31 December 2014, Interest expense on payables due to customers classified under "debts" referred to the rendimax savings account for 83,0 million Euro, compared with 123,9 million Euro at 31 December 2013, as interest rates gradually declined throughout the year. 

1.5 Interest due and similar expenses: spreads on hedging transactions

Voci/Valori31.12.201431.12.2013
A. Premium spreads on hedging transactions: -
B. Discounts spreads on hedging transactions: (65) (231)
C. Balance (A-B) (65) (231)

1.6 Interest due and similar expenses: other information

1.6.1 Interest expense on foreign currency liabilities

 31.12.201431.12.2013
Interest expense on liabilities in currency (125) (41)

1.6.2 Interest expense on liabilities for financial leasing

 31.12.201431.12.2013
Interest payable on liabilities for financial leasing (177) (91)

Last updated on 2015-02-18