Direct deposits increased by 27.5% in twelve months and 8.2% during the fourth quarter of 2008 (+13.5% and 5.7% net of the former ISP and UCB branches); this reflects both the increase in amounts owed to customers (€ 12,005.4 million; +25.4% and +11.5% respectively in twelve and three months), and securities in issue, bonds in particular, which increased by 32.2% during the year to € 9,344 million (+4.6% during the course of the last quarter). Increases in the latter were due to both more transactions with customers and the issue of four subordinated loansi: Lower Tier 2, Lower Tier 3 (€ 100 million each) and Tier 1 (€ 160 million) carried out through private placements and institutional investors, and Upper Tier 2 (€ 150 million) placed through the sales network. Liabilities designated at fair valuei increased by 8.8% to € 579.8 million in twelve months (+2.2% from September) and are mainly comprised of structured bondsi, placed at the end of 2005 through Poste Italiane; they do not include the € 725.3 million of liabilities at fair valuei of Carige Vita Nuova, related to those products the investment risk of which rests on the insured.
Within amounts owed to customers, current accounts and free deposits (€ 11,522.4 million) increased by 27.6% during the year and repurchase agreements (€ 292 million) fell by 18.8% in relation to the introduction of a new deposit product, "Carige Rendimento Reale" that, while retaining passbook transactions without the physical aspect, offers a fixed rate guaranteed for the first year, no term restrictions and no management fee.
Short-term deposits (€ 12,167.5 million), making up 54.9% of the total, registered an annual increase of 25.2% and growth of 11.4% compared with September 2008, while the medium/long-term component (share of 45.1%), rose by 30.4% to € 9,996.6 million in twelve months and 4.6% in the last quarter.
Amounts owed to banks totalled € 801.5 million, decreases of 66.4% and 26.2% in the year and the last quarter respectively. Within these, a negative trend was recorded by time deposits (€ 296 million; -84.6% in 2008), and repurchase agreements (zero value at the end of 2008, compared with a value of € 107.9 million at the end of 2007); current accounts and free deposits increased by € 149.8 million, while loans remained essentially stable (€ 295.3 million).