As at 31 December 2008 portfolio securities amounted to € 5,343.2 million, essentially stable compared with December 2007 (+0.8%) and down by 1.7% against September 2008.
Debt securities, equal to € 4,067.7 million, showed an increase of 13.1% during the year and 1% in three months; equities totalling € 911.4 million, fell by 11.9% compared with December 2007 and 5.8% against September 2008.
Equities include the equity investment in Bank of Italy accounted for at € 696.7 million; this figure results from a valuation at fair valuei - using shareholders' equity as the most reliable proxy of fair valuei - performed on the basis of the balance sheet figures of the Bank of Italy as at 31 December 2007.
Mutual fund shares amount to € 364.1 million, down by 45.6% in the twelve month period and 17.1% in the three month period. As regards a breakdown of the portfolio based on IAS/IFRSi, securities available for sale (€ 3,001.6 million), which represent the most significant component, account for 62.4% of the total, an increase of 25.8% in the year and 13.2% in the last quarter; securities held for trading (€ 644.8 million) account for 13.4%, down by 70.7% in the year and 55.8% in the last quarter; those designated at fair valuei (€ 705.8 million) represent 14.7%, a 4.7% increase in the year and up 2.9% in the three month period.
SECURITIES PORTFOLIO
| Situation as at | Change % | ||||||
|---|---|---|---|---|---|---|---|
| (figures in thousands of €) | 31/12/08 | 30/9/08 | 31/12/07 | 31/12/06 | 12/08 09/08 | 12/08 12/07 |
|
| Debt securities | 4,067,667 | 4,026,989 | 3,595,104 | 3,286,493 | 1.0 | 13.1 | |
| Held for trading | 597,229 | 1,400,956 | 1,815,270 | 2,129,391 | -57.4 | -67.1 | |
| Available for sale | 1,977,338 | 1,538,350 | 1,355,613 | 838,291 | 28.5 | 45.9 | |
| Fair valuei | 502,111 | 449,844 | 421,763 | 316,196 | 11.6 | 19.1 | |
| Loans and Receivable | 530,845 | 538,330 | - | - | -1.4 | … | |
| Held to maturity | 460,144 | 99,509 | 2,458 | 2,615 | … | … | |
| Equities | 911,417 | 967,676 | 1,034,652 | 1,009,105 | -5.8 | -11.9 | |
| Held for trading | 1,505 | 6,592 | 24,767 | 3,696 | -77.2 | -93.9 | |
| Available for sale | 909,912 | 961,084 | 1,009,885 | 1,005,409 | -5.3 | -9.9 | |
| Fair valuei | - | - | - | - | … | … | |
| Held to maturity | - | - | - | - | … | … | |
| Shares in collective investment schemes | 364,121 | 439,432 | 669,636 | 1,011,061 | -17.1 | -45.6 | |
| Held for trading | 46,057 | 50,324 | 362,849 | 620,924 | -8.5 | -87.3 | |
| Available for sale | 114,387 | 153,182 | 20,037 | 32,021 | -25.3 | … | |
| Fair valuei | 203,677 | 235,926 | 286,750 | 358,116 | -13.7 | -29.0 | |
| Held to maturity | - | - | - | - | … | … | |
| Total | 5,343,205 | 5,434,097 | 5,299,392 | 5,306,659 | -1.7 | 0.8 | |
| Held for trading (1) | 644,791 | 1,457,872 | 2,202,886 | 2,754,011 | -55.8 | -70.7 | |
| Available for sale | 3,001,637 | 2,652,616 | 2,385,535 | 1,875,721 | 13.2 | 25.8 | |
| Loans and Receivable | 530,845 | 538,330 | - | - | -1.4 | … | |
| Fair valuei(2) | 705,788 | 685,770 | 708,513 | 674,312 | 2.9 | 4.7 | |
| Held to maturity | 460,144 | 99,509 | 2,458 | 2,615 | … | … | |
(1) The breakdown does not correspond to the item 20 "Financial assets held for trading" as it does not include derivatives.
(2) The breakdown does not correspond to the item 30 "Financial assets designated at fair valuei" as it does not include any amount temporarily invested in liquidity by Carige Vita Nuova against the unit linked e index linkedi insurance contracts for which investment risk is borne by the insured.