The subsidiary banks

Pursuant to Law 262/2005 "Provisions for the protection of savings and regulation of financial markets" (effective from 17 May, 2006), the obligation to draw up an information statement according to criteria set by Consob (National Commission for Listed Companies and the Stock Exchange) was introduced also for bank bond issues. The Parent bank decided to be the only bond issuer, leaving only the placement activity to the other banks of the Group: consequently, subsidiary banks take account of newly placed bonds not in direct deposits, but in indirect deposits, especially in the assets under administration segment.

In this context, to maintain a balanced distribution of maturities, subsidiary banks issued bonds fully subscribed by the Parent bank.